In addition to saving homebuyers’ money in the short term, the 2009 federal housing tax credit is also saving homebuyers’ money for the future as well. Unlike the 2008 tax credit that Congress passed for housing, the 2009 housing tax credit does not have to be repaid. You will not be charged later on in your taxes or through any other means. This is a true tax credit in that the government is giving you, risk-free, the opportunity to purchase a home for a better price this year alone. All you have to do is purchase the home before the first of December this year.

If you’re unsure of whether or not the home you buy will make you eligible for the tax credit, you likely have nothing to worry about. The tax credit works for any type of home you purchase this year so long as you will be using it for your principal residence. You can only have one principal residence, so any other homes you may purchase in addition to your first this year will be counted as secondary properties. It isn’t uncommon for real estate investors to purchase multiples homes in a year in order to earn a profit from resale or renting. This may be a wonderful opportunity for you to make extra money, but just keep in mind that you can only be eligible for the tax credit for your principal residence.

All types of homes purchased for principal residence this year are eligible for the 2009 federal housing tax credit. Some of these homes may include single family residences and condominiums. Others might include trailer homes or even house boats. The home you purchase does not have to be new. You may be purchasing a Victorian style residence that dates back hundreds of years. No matter what type of home you purchase this year and no matter where it is located, it will be eligible for the 2009 federal housing tax credit.

The only thing you’ll have to determine is whether or not you are eligible for the tax credit. In order to determine your eligibility for the 2009 federal housing tax credit, you should speak with a mortgage expert in your area for all the details. You aren’t required to have a high credit score in order to receive the tax credit. Many first-time homebuyers are taking advantage of this great deal while they can. One of the only universal factors that could affect your eligibility for the tax credit the amount of income you make each year. The income limits for married taxpayers is $150,000 between the two. For single taxpayers, it’s $75,000.

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Article by Dataflurry Arizona website marketing