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The Basics: 2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
For more information on how you can benefit from this Tax Credit, please call Jeanne or Michael Frank today!
We Are Your Local Area Experts
You need a local expert working for you With our expert knowledge of the local St. Clair & Macomb County's real estate market, we know how to help you with your unique needs and protect your best interests through every aspect of a real estate transaction. We're focused on providing you with the most personal attention and best service available.

You need the advice of a Real Estate Professional The Internet is a great place to find information. But it can't provide the in depth local knowledge and personalized service of a local real estate professional. The challenges of the real estate industry are getting more complex every day. You need a professional that is on top of the market and is prepared to protect your interests and guide you throughout the process. As local real estate experts we are constantly researching the market and analyzing home prices so we can serve you with the latest and most accurate information.
For most families, buying or selling a home is one of the biggest decisions you'll ever make. We'd be honored with the opportunity to help you.
  
Frank Real Estate, a MI Company servicing: Marine City, Cottrellville, Algonac, Ira, Marysville, Port Huron, Casco, China, East China, Columbus, Casco Saint (St) Clair, Berlin, Riley, Wales, Kimball, Port Huron, Fort Gratiot, Clyde, Kenockee, Emmett, Mussey, Lynn, Brockway, Yale, Greenwood, Grant, and All Area Real Estate Listings of Saint (St) Clair County MI Real Estate, Macomb County MI Real Estate, and Southeast MI. We have All Area Listings and real estate Foreclosures, homes for sale, vacant land and Our Featured Homes through our web site or you can contact us, just ask for a real estate agent listed below. Also, we can find you riverfront/waterfront homes for sale on the Saint (St) Clair River or Lake Saint (St) Clair and properties of all Macomb County and Saint (St) Clair County MI
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Cedar Point Coupons are now available at our office. They include admission discounts to Cedar Point, Soak City, Castaway Bay and even parking! Stop in or call to get yours!
Did you know we're now offering these additional products and services (at affordable prices) :
•Copy service •Fax service •Mailing supplies •Free Notary •Local souvenier items such as: T-shirts, postcards, etc.
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Today's Rates:
| 30-yr Fixed | 5.42% | 5.6% | | 15-yr Fixed | 4.87% | 5.13% | | 1-yr Adj | 4.93% | 6.12% |
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