Buying your first home? Take Advantage of the $8,000 Federal Income Tax Credit

Congress has recently passed a federal income tax credit for first-time homebuyers that is the lesser of either 10% of the home's cost or $8,000.

This will be available to qualified first-time home buyers for the purchase of a principal residence between January 1, 2009 and before December 1, 2009.

In addition, first-time home buyers can now use the $8,000 federal tax credit to help cover a down payment and other upfront costs if they are taking out a loan backed by the Federal Housing Administration.

For more information about how this may apply to you, speak with a lender, accountant or attorney.  Or check out the following link:   MAINE HOUSING AUTHORITY

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