First-Time Homebuyer Tax Credit

First-Time Homebuyer Tax Credit

The 2009 Economic Stimulus Bill, signed into law on February 17th, includes a tax credit for first-time homebuyers. All qualifying homebuyers are entitled to take advantage of this one-time tax credit.

Up to $8,000 tax credit. The tax credit is equal to the lesser of $8,000 or 10% of the purchase price of the home for first-time homebuyers who purchase a home after January 1, 2009 and before December 1, 2009. This replaces a previous $7,500 tax credit that was scheduled to expire on July 1, 2009.

Income requirements. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 can qualify for the full tax credit.

First-time buyers. Individuals who have not owned a home in the past three years are considered first-time buyers.

Residency requirements. For homes purchased after January 1, 2009, this tax credit does not need to be repaid if the home is occupied as the buyer’s personal residence for the first three years from the date of purchase. Prior to this new legislation the former $7,500 tax credit was required to be recaptured over a period of 15 years or when the home was sold.

Tax returns. A provision permits taxpayers to claim the tax credit for homes purchased during 2009 on their 2008 tax return.


Author: Louisville Kentucky Mortgage

I have helped over 589 Kentucky families buy or refinance their home over the last 18 years. Realizing that this is one of the biggest, most important financial transactions a family makes during their lifetime, I always feel honored and respected when I am chosen to originate their personal home loan. You can count on me to deliver on what I say, and I will always give you honest, up-front personal attention you deserve during the loan process. I have several advantages over the large banks in town. First, I can search and negotiate for your loan options through several different mortgage companies across the country to get you the best deal locally. Where most banks will offer offer you their one set of loan products. I have access to over 10 different mortgage companies to broker your loan through to get you the best pricing and loan products that may not fit into the bank's program due to credit, income, or other underwriting issues. You will not get lost in the shuffle like most borrowers do at the mega banks; you're just not a number at our company, you are a person and we will treat you like one throughout the entire process. Give us a try or let us compare your options on your next mortgage transaction. Call me locally at 502-905-3708. Free Mortgage Pre-Qualifications same day on most applications. Email me at with your questions I specialize in Kentucky FHA, VA ,USDA, KHC, Conventional and Jumbo mortgage loans. I am based out of Louisville Kentucky. For the first time buyer with little money down, we offer Kentucky Housing or KHC loans with down payment assistance. This website is not an government agency, and does not officially represent the HUD, VA, USDA or FHA or any other government agency. NMLS# 57916 Joel Lobb Senior Loan Officer (NMLS#57916) American Mortgage Solutions, Inc. 800 Stone Creek Pkwy, Ste 7, Louisville, KY 40223 phone: (502) 905-3708 Fax: (502) 327-9119 Company ID #1364 | MB73346 Equal Housing Lender

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