If you are a first time home buyer then the time is now to purchase a new home thanks to a first-time home tax credit. Here is the general overview of how the tax credit works.
- The tax credit is available for first-time home buyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit works like an interest-free loan and must be repaid over 15-year period.
This tax credit is a another great incentive, along with impressive builder incentives and low interest rates, for first time home buyers to take advantage of. For more detailed information on the $7,500 first time home buyer tax credit please visit www.federalhousingtaxcredit.com
Biltmore Homes has 5 great neighborhoods with plans like the Middleton and Granton (pictured below) that are perfect for first time home buyers so let us know how we can help you take advantage of this tax credit as remember the credit is only valid on houses purchased by July 1, 2009.
The Granton II The Middleton III
