First time home buyers. Time is running out on the federal tax credit. I have added a countdown clock to my Orlando real estate website. You must close on your home by November 30, 2009 to qualify for the credit. Also, keep in mind the credit is 10% of the purchase price up to $8,000. If you purchase a $50,000 home, you can only qualify for a maximum of $5,000. If you are married, both spouses have to qualify as a first time buyer under the program. A first time buyer is someone who has not owned a home for at least the last three years. Also, if you make more than $75,000 a year or $150,000 for married couples your credit may be limited.
Always consult your tax professional first.
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