Hopefully by now you’ve heard about the 1st time homebuyer tax credit.  Help me spread the word to all of your neighbors here in Andover and North Andover. Aren’t sure it you qualify?  Here are some guidelines:

First time home buyers and people (or spouses) who have not owned a home for the previous 3 years.  You must purchase your home before December 1, 2009.

• Only your primary residence qualifies…no vacation homes or investment properties.
• The maximum amount of the tax credit is $8000 or 10% of the purchase price for a single person making $75,000 or less or a married couple make $150,000 or less. $8,000.
• If you make more than the $75,000/$150,000 limit you get less of a credit you may qualify for a lesser amount. The maximum income is $95,000 for singles or $170,000 for couples.  If you make more than the maximum income you are not eligible for the tax credit.

The tax credit is a real boon for first time home buyers and does not have to be repaid.  If you qualify for the tax credit and have been considering purchasing a new home there could not be a better time.  Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to contact me at REMAX Partners in Andover.  I can help answer all your questions and help you find your first home!

For more information: Realtor.org

Contributed by Paulette Zuena, RE/MAX Partners
Phone: (978) 482-3900 | Contact Paulette
www.YourPaulette.com

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