First Time Home Buyer's Tax Credit

The federal government is providing a first time home buyer credit of up to $8,000 for the purchase of a principal residence by qualified purchasers who acquire their home in 2009. However, that program is scheduled to end as of December 1, 2009. Although other incentive programs were extended beyond the originally scheduled termination date, there is no indication at this time that the first time home buyer credit will be extended beyond its originally scheduled termination date.

To qualify for the credit, the first time home buyer must close escrow on or before November 30th 2009 and meet other eligibility requirements. Because your agent cannot promise or guarantee that you will be able to take advantage of any particular tax credit or other incentive program, it's important that you do some homework to learn whether it will apply to you. I have a handy fact sheet about these eligibility reqs- feel free to email me if you want a copy. There is also a website where you can learn more.