Tax Credit

I know a lot of our friends out there read this blog.  I also know that a lot of our friends purchased homes for the first time this year or are considering purchasing.  I though I would make you aware of a tax credit available for first time home buyers that purchase homes between April 9, 2008 and July 1, 2009.  If you qualify (Married filing jointly AGI must be under $150K to get the full deduction, sorry new doctors and orthodontists you probably don't qualify) you get a $7,500 tax credit.  It's really a loan because you have to repay it over the next 15 years, but it carries a 0% interest rate.  It's really something that's worth taking advantage of if you've purchased a home.  Also, did I mention that it's a refundable tax credit.  That means that if it causes you to not pay any tax then the government will still send you a check for the difference.  It also has a few other nice provisions that help out.  For example, if you are forced to sell the house and don't have a capital gain on the sale, you don't have to repay the loan.  For more details check out  www.federalhousingtaxcredit.com.