A first time homebuyer tax credit is now possible. But a buyer must take action because this credit is only available until July 1,2009.

Can you qualify? If you and your spouse (if you are married) haven't owned a principle residence for three years before your purchase, and you have never used a DC first-time home buyer credit, you can qualify as a first time homebuyer.

How much is the tax credit? It is equal to 10% of your homes sale price up to $7,500. It will reduce the amount of taxes that you owe or result in a refund.

The tax credit is like an interest free loan. After you have received your credit, you will begin a repayment plan after two years. If you qualified for the full amount of $7,500 you would pay $500 a year for fifteen years. If you re-sell your home it would have to be paid off with the sale. If your home is sold at a loss you would owe nothing.

For more information about this credit and to clarify any questions I recommend that you talk to your mortgage lender or accountant. I would be happy to recommend several referrals for this if you would like.

There are many benefits to purchasing a home, pride of ownership, property tax deductions, mtg. tax deductions, capital gains tax deductions and more!

When you buy your home with me at Coldwell Banker Mountain West and you need your home sold within 12 of purchasing , I will sell your home for free!*(must be owner occupied). I will also provide a free moving truck rental and offer limited handyman repairs for the lifetime that you own this home.