President Obama signed the economic stimulus bill back in February. One of the details allows for tax credit of 10% of the purchase price (up to $8,000) for first time home buyers. This is much better than previous tax credits that only allowed $7,500 that was required to be paid back over 15 years. So, while it’s not quite the $15,000 tax credit we were all expecting, it is still a good opportunity to take that leap into a first home. Additional details of interest include:

• credit applies to purchases made from Jan 1, 2009 – December 1, 2009
• home purchased must be the principal residence for 3 years or the credit will be recaptured.
• only applies when taxable income for the year is less then $75,000 (single return) or $150,000 (joint return).

With so much inventory available in the Seattle area combined with this first home buyer tax credit, it is a really great time to be buying a home!
Let me know how I can help you or your circle of friends, family, and associates take advantage of this credit AND start their life of homeownership off right.