What is it? And do I qualify?

- The up to $8,000 (or 10% of purchase price, the lesser of the two) credit does not have to be repaid.

- If the home is sold within 3 years of the purchase date, the tax has to be repaid.

- It is for first-time homebuyers purchasing a primary residence… first-time homebuyer for this instance means you have not owned a primary residence for the past 3 years.

- Married couples earning less than $170,000 Modified Adjusted Gross Income, single people earning less than $95,000 MAGI qualify for some form of the credit.

These are just a few of the details. The best source of information I have seen was put together by the National Association of Realtors.

If you would like more information about the 2009 First Time Homebuyer Tax Credit, please do not hesitate to contact me (910) 431-5686 or Michelle@MichelleRobertsRealtor.com.