FIRST-TIME HOMEBUYER TAX CREDIT

                       As Modified in the American Recovery and Reinvestment Act

Major Benefits of First Time Home Buyer Tax Credit for Maryland Real Estate Home Buyers   

  1. Effective for homes purchased January 1, through December 1, 2009.
  2. Maximum credit amount is 10% of the purchase price of the home up to $8,000.
  3. All principal residences including single family, town homes, condos and co-ops.
  4. If the price of the home you buy is $80,000 or more, you will receive the full $8,000 Tax Credit to offset your income tax liability OR receive a REFUND for any amount up to $8,000 if your actual tax liability is less.
  5. Income limits to qualify for the tax credit and or Tax REFUND is $75,000 for single filers and $150,000 for married filers. Married filers filing separately can receive a tax credit of $4,000 each.
  6. First Time Home Buyer means a person who has not owned a principal resident for the past 3 years.
  7. Eligible for home buyers using revenue bond programs for down payment or closing cost assistance.
  8. No repayment required unless the home is sold in the first 3 years.   

Contact Lynn Stewart 301/580-4552 (lynn.s@longandfoster.com)

                                       Www.lynnstewartsells.com