Many pixels have been annihilated over the recently passed (as part of the stimulus package) First Time Home Buyers Tax Credit, but the best resource I’ve found for mostly comprehensive details on how this thing actually applies to a first time home buyer is the National Association of Home Builders website, federalhousingtaxcredit.com which implores:
…time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
The basics are:
• The tax credit is for first-time home buyers only.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The 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 tax credit.
Also see the excellent FAQ Section.
As an aside, the following chart from today’s January New Home Sales Report (which, by the way, were the lowest recorded since drywall was invented) might help to explain why the builders are pimping this program quicker, faster, and better than anyone. Via CR.