2009 Stimulus Package

Today, President Barack Obama will sign the 2009 stimulus package in Denver, CO. Below is a brief synopsis of the credits available for first-time home buyers.

2009 Home Buyer Tax Credit

1) Must buy a primary residence home between January 1, 2009 through December 31, 2009

2) Must owner occupy the home for 3 years otherwise credit must be paid back

3) Income must be less than $75,000 for individuals ($150,000 for couples)

4) Cannot have owned a home for the past three years

5) Tax credit is 10% of homes sale price up to $8,000 maximum credit

6) Tax credit claimed on 2009 tax return (year home purchase occurred)