• This is a tax credit, not a tax deduction - so it amounts to a true dollar-for-dollar reduction in taxes owed;
  
• The credit can result in an actual reduction in taxes owed. If, for example, you were scheduled to get back $0 on your taxes, but you qualified for the $8,000 credit, you would receive a tax refund of $8,000!;
  
• The original tax credit was essentially an interest-free loan from the government, but the bill has now been modified and no repayment is required for home purchases made after January 1, 2009;
  
• If you sell your home within three years from the date of purchase, the entire amount you were credited is recaptured on the sale. (This applies only to homes purchased in 2009.)

If you're a first-time home buyer, this program provides terrific advantages to you, especially during that first year in your new home. So take advantage of this program while it's still available. Give us a call today and we'll be happy to refer you to one of several terrific loan officers - and we'll get started on your home search as well.

For a quick, informative FAQ on the specifics of the $8,000 tax credit program, click here.