Great news for first time homebuyers; purchase a home now and take advantage of the new new tax credit of up to $8,000.

The American Recovery and Reinvestment Act of 2009 allows a tax credit for first time homebuyers. This law applies to this year (2009) only so act now! If you purchase a Lexington Ky home between now and November 30, 2009 you may be eligible to receive a tax credit for 10% of the purchase price of the home up to $8,000.

Some important points of the program to mention are:

- Any individual (and if married, their spouse) who has had no ownership interest in a home during the last three years is eligible.

- Full credit for single taxpayers with incomes up to $75,000 ($150,000 on a joint tax return) partial credit for incomes up to $95,000 ($170,000 joint tax return)

- Available only for the purchase of a single family home that will be used as a principal residence

- Homebuyers can reduce or even eliminate their income tax liability for the year of purchase by claiming the credit on their tax return.

- If the home is sold before three years, the first time homebuyer (now the seller) must pay the IRS the entire amount of the tax credit at closing.

With great incentives such as this, and with the price of homes lower than they have been in years it is THE time to purchase an new home. I can help you find ANY home in Lexington Kentucky and the surrounding Bluegrass area, whether it be a build to suite, or an older home let me assist. If you would like to know more about the American Recovery and Reinvestment Act of 2009 and how this can make purchasing a new home more affordable give me a call at 859-621-8073. I can also assist you in finding a trustworthy mortgage advisor all you have to do is ask.