New Home Buyer? Take Action Now!

Since my first post took a little stab at new tax incentives; I thought I should write something positive that people should take advantage of.
If you are in the market for a new home and are a first time home buyer… buy now!
Who qualifies as a first time home buyer? If you have not owned a home for the last three years you are considered a first time home buyer.
How much is the credit? 10% of the value of your home up to $8,000 (for 2009)

Are there limitations to the credit? Be very careful if you file single and your income is over $75000 your credit will be limited and after $95000 you get no credit. If you are married and file a joint return if your income is over $150000 your credit will be limited and after $170000 you get no credit.
Other limitations apply, but this is a great opportunity so try and close on your new home before December 1, 2009.

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