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First-Time Home Buyer Tax Credit

If you’re considering buying your first home, then take note. The feds are offering a tax credit (maximum $7,500) that works like an interest-free loan. It must be paid back over 15-year period, but can provide the help needed for many first-time buyers to make their home-ownership dreams come true. The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.

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First-Time Home Buyer Tax Credit Website Draws More than 100,000 Visitors

WASHINGTON, Aug. 12 – A newly launched Web site,
www.federalhousingtaxcredit.com, has attracted more than 100,000 visitors,
indicating that there is a strong interest among consumers to take advantage
of a temporary $7,500 tax credit for the purchase of a first home, according
to the National Association of Home Builders (NAHB).

“The initial response is encouraging,” said NAHB President Sandy Dunn, a
home builder from Point Pleasant, W.Va. “This could be the trigger that
helps move prospective first-time buyers off the fence and back into the
market. But it won’t last forever.”

The tax credit is among several provisions included in landmark housing
legislation enacted into law last month that will help get housing and the
economy back on their feet.

The Web site contains useful information on how the tax credit works,
including eligibility requirements. To date, the site has attracted 116,000
unique visitors, or about 10,000 per day. It includes details and questions
and answers
on how home buyers can use the credit and is divided into four
sections:

– Tax Credit at a Glance.  This provides a brief overview on how the credit
works.

– Frequently Asked Questions. A clear to read question and answer format
contains basic information about the tax credit, including the definition of
a first-time home buyer, what type of homes qualify for the tax credit, what
are the income limits to qualify, payback provisions and more.

– The Law’s Other Provisions. In addition to the tax credit, this section
summarizes a number of provisions in the Housing and Economic Recovery Act
of 2008 that will help prevent foreclosures, reinvigorate the housing market
and strengthen the nation’s economy.

Home Buyer Resources. Provides online resources to make the buying process
smoother.

Source: www.nahb.org

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