There is nothing much more exciting than buying your first home. For most people their home is the largest purchase they will ever make and has the potential to be their greatest investment.

As a result of the ailing economy, the federal government has presented you with an amazing opportunity. The American Recovery and Reinvestment Act signed into law by President Obama on Feb. 17, 2009 provides for a $8,000 tax credit that is available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. A person is considered to be a first-time home buyer if they have not had any ownership interest in a home in the 3 years prior to the day of the 2009 purchase. Any home that is purchased for $80,000 or more qualifies for the full $8000 credit. If a home is purchased for less than $80,000 then the credit will be 10% of the cost of the home. The tax credit phases out for those individuals whose income is between $75,000 and $95,000 and for married couples whose combined income falls between $150,000 and $170,000.

There are a number of ins-and-outs to this tax credit so I strongly recommend that you consult with an accounting professional who can advise you as to if and how this tax credit applies to your particular situation. Since purchasing a home is a very involved process, the guidance of a knowledgeable, experienced real estate agent is crucial to protect your interests.

Contact me today to find out how I can put my experience and expertise to work for you!