Facts About The $8K Tax Credit

Any first time homebuyer who purchase their home after January 1, 2009 and before December 1, 2009 is eligible for the tax credit. In order to be considered a first time homebuyer you must not have owned primary resdience in the past 3 years and the home you are buying must of course be your primary residence. Now the tax credit is up to $8,000.00 meaning not everyone will get 8K, so how do you know how much your getting? Well it is 10% of the purchase prices with a max of $8,000.00, so if the home is 70K your only getting 7K and if the home is 140K your only getting 8K. There is also an income limit for the full tax credit, a single person has to make a modified adjusted gross income of less than 75K annually or married taxpayers a combined of 150K annually. If you make as a single tax payer 95K and married taxpayers 170K you will get $0.00 tax credit back but if you are in between the 2 incomes the credit will be pro-rated. This tax credit is diffrent from 2008's tax credit because this one does not have to be repaid, it is a "True Credit".  You can claim your credit when you file your federal income tax returns. So, stop making excuses and buy your new home today and get up to $8,000.00 back!

Daily Rates

Conventional 30 Yr. Fixed Rate: 4.750%*

FHA 30 Yr. Fixed Rate: 5.00%**

USDA (100%) 30 Yr. Fixed Rate: 5.250%***

*Based on a Sale amount of 150K with 10% down and an APR of 5.314%

**Based on a Sale amount of 150K with 3.5% down and an APR of 5.767%

***Based on a Sale amount of 150K and Loan amount of 153K and an APR of 5.649%