$8,000 FREE MONEY from Feds

WHAT IS THE FIRST TIME HOME BUYER TAX CREDIT? It is actually free money being given by the Government to First Time Buyers in Maryland: Read the following to see if you qualify.

1. First-Time Buyers will be GIVEN an Eight Thousand Dollar ($8,000) credit to purchase a home, which is an enticement to revitalize the 'troubled' real estate market. This free money is equivalent to 10 percent of the purchase price of the home (capped at $8,000) --- and applies only to First-Time Home Buyers purchasing their principal residence. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid; it is a gift from the Government.

2. First Time Buyers defined: For the purpose of this legislation, a "First-Time Home Buyer" is someone who has not owned a principal residence for three years in the State of Maryland. (The date of purchase is considered the day that the title is transferred.) That means if you have owned a vacation home, but not a "principal residence" within the past three years, you would still qualify for the credit.

3. This is for buyers in 2009 only: Only those who purchase a home after January 1, 2009 and before December 1, 2009 are eligible for this free gift. Unfortunately, anyone who bought a home last year is not able to take advantage of it.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit; the amount of income for married couples is $150,000. However, those earning more than the qualified amounts may still be eligible for reduced credits.

5. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the Government. (Exceptions will be made in certain cases, such as death or divorce).


Call me for further details at: (410) 353-2377