Homebuyer Tax Credit now $8,000!

First time homebuyers can now take advantage of a Federal Tax credit of up to $8,000 when they purchase a new home. Here are some of the details of the program

  • Limited to First Time Homebuyers (someone who has not owned a house in the last 3 years)
  • Single borrowers can have up to $75,000 in income and qualify for the entire credit (up to $95,000 with a reduced credit)
  • Married borrowers can have up to $150,000 in income and qualify for the entire credit (up to $170,000 with a reduced credit)
  • Buyer's can now take advantage of the tax credit as well as special programs offered by The Michigan State Housing Development Authority.
  • Buyers can also claim the credit as part of their 2008 Federal Tax Return even if the home was purchased in 2009!

Want to know more about the Federal Housing Tax Credit? The National Association of Home Builders has a great website www.federalhousingtaxcredit.com. As always, make sure to consult a qualified tax consultant for all the details.