$7,500 Tax Credit – Are you going to get it?

On July 30th Pres. Bush signed a major housing bill (HR 3221) into law.  As part of the bill, Congress created a new, temporary tax credit to provide some incentive to buy a home.  Here’s a quick check list to see if you qualify:

• Bought and CLOSED after April 9th, 2008
• YOU MUST CLOSE BEFORE JULY 1st, 2009
• Must be your first home (or you must be an individual who has not owned a principal residence in 3 years)
• You must make under $75,000 or have a joint income of less than $150,000 (you still get partial credit if you are over)
• The credit is 10% of the purchase price of the home, with a cap at $7,500
• Obviously, this property must be in the US
• Finally, you must have use Joshua Jarvis as your Realtor (ok, so I am kidding about that one)

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