Just Four Months Left For First Time Buyers to Close on a Principal Residence:

Tax Credit Up to $8,000 for First Time Home Buyers Who Qualify and Close the Transaction by December 1, 2009. 

The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers closing on a principal residence before December 1, 2009.

A first time home buyer is defined as a buyer who has not owned a principal residence during the last three years.  Buyers must not have a modified adjusted gross income of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

The tax credit is equal to 10% of the home purchase price up to a maximum of $8000.

Buyers will claim the tax credit on their federal tax return.  It is a dollar-to-dollar reduction in what the tax payer owes. 

To learn more go to www.federalhousingtaxcredit.com