Tuesday, February 24, 2009

Help for first-time home buyers

The American Recovery and Reinvestment Act of 2009 signed by President Obama last week included language that extends the $8,000 first-time buyers credit to homes purchased to Dec. 1 of this year.

First-time buyers are considered anyone who has not owned a home for the past three years.

The home purchased must be owner-occupied.

Another condition is that the buyer must have an adjusted gross income of $75,000 or less if the buyer is single and $150,000 or less for married buyers. Partial credits may be given for some buyers who exceed these limits.

Contact Kirk Kenney: 619.920.2195 or kirkkenney@coldwellbanker.com

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