As modified in the American Recovery and Reinvestment Act
Enacted February 17, 2009 by President Obama
Amount of credit ~ Maximum credit amount is $8,000.
Eligible Property ~ Any single family residence(including condos, co-ops, townhouses) that will be used as a primary residence.
Refundable ~ Yes. Reduces, or can eliminate, income tax liability for the year of the purchase. Any unused amount of the tax credit refunded to purchaser.
Income Limit ~ Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000/year or $150,000 on a joint return. Phases out above these caps($95,000 and $170,000).
First time Home Buyer Only ~ Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to the purchase.
Revenue Bond Financing ~ Purchasers who utilize revenue bond fianancing can use credit.
Repayment ~ No repayment for purchases on or after January 1, 2009 and before December 1, 2009.
Recapture ~ If home is sold within 3 years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination ~ Tax credit expires on December 1, 2009.
Effective Date ~ January 1, 2009
If you are a first time home buyer and would like to know more about taking advantage of this credit and other exciting opportunities in the Bend, Oregon real estate market please contact me. If you would like to search Bend, Oregon homes for sale or our surrounding communities click here. I look forward to exceeding your expectations of what a real estate agent can do for you.
Troy Batson is a Licensed Broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty ~ Bend, Oregon
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