First Time Home Buyer Stimulus Program

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first time home buyers purchasing homes on or after April 9, 2008 and before July 1, 2009.

First Time Home Buyer Tax Credit Highlights

• The tax credit is available for those that have not purchased a home in the last 3 years and are purchasing a primary residence.
• The credit is equivalent to 10% of the purchase price up to a maximum amount of $7,500
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 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.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

For All Details Call 800-486-0204

New First Time Home Buyer Programs

The tax credit can be combined with a first time home buyer mortgage program designed to make homeownership even more affordable. Most first time buyer programs provide you with low down payments and mortgage rates. There are many first time home buyer programs available now. See some of them below.

Most popular first time home buyer programs

• Certain government employees get 50% off a HUD home
• Good Neighbor Program - Special incentives including lower down payments for those in certain areas.
• FHA - Many options available for those with 3% down. Lower mortgage rates may apply.
• Discounted rates for those in low income areas (even if your income is above median income for the area).
• There are too many programs to list them all here. Many lenders have their own unique programs as well. Quickly compare over 160+ lenders by calling the number below or use Smart Search to find the lender that has the best program for you.

For All Details Call 800-486-0204

Call the number above to compare programs, mortgage rates, down payments, and special incentives applicable in your area to determine which one is best for you.