The National Association of Home Builders published THE short reference list for the position of the First Time Home Buyer as stated in the American Housing Relief and Foreclosure Prevention Act of 2008.
* The tax credit is available for first-time home buyers only.
* The maximum credit amount is $7,500.
* The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
* Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
* The tax credit works like an interest-free loan and must be repaid over a 15-year period.
Dr. Vivek Murthy
5 years ago
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