Please note: the Tax Credit has expired and has NOT been extended. The information below does NOT apply anymore.

$8000 Tax Credit First Time Home Buyers

There has been a lot of talks about the $8000 tax credit first time home buyers in Middlesex County, New Jersey. Hopefully the following information will clarify this outstanding opportunity.

• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The $8000 tax credit is for first-time home buyers only.
• A first-time home buyer is someone who has not owned a principal residence during the three-year period prior to the purchase.
• A tax credit does not have to be repaid. It is free money provided by the US government.
• The $8000 tax credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full $8,000.
• For those with higher incomes (taxpayers with MAGI of more than $95,000 (single) or $170,000 (married)) a reduced tax credit still apply.
• You must use the new home as your primary residence.

The National Association of Home Builders has created a complete website to thoroughly explain the first time home buyers $8000 tax credit. We strongly suggest visiting their FAQs.

Down payment programs and more information for New Jersey first time home buyers.

Source: NAHB

ATTENTION

President Obama Signed the Legislation to Extend and Expand Tax Credit last November. Updated information is available at: www.REALstoryNJ.com/Home-Buyer-Tax-Credit