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There’s never been a better time to buy a home.
The KV Team can help
Congress is now offering a new $8,000 tax credit to help first-time homebuyers, like yourself, purchase a home.First-time homebuyers who purchase a principle residence till April 15 2010 are eligible.
If you (and your spouse, if married) have not owned your principle residencefor a 3-year period before your purchase, and you have never taken advantage of the DC firsttime homebuyer credit, you qualify as a first-time homebuyer.
What about Repayment?
The American Recovery and Reinvestment Act of 2009 made a big change to the credit by removing the repayment provision for credits on homes purchased in 2009. Previously,the tax credit had a payback provision that made it similar to an interest free loan that would have been paid back in full over 15 years (repayment) or at the time of resale (recapture) unless the home was sold at a loss. While the repayment provision is completely gone from the updated credit, a more mild recapture provision remains. If you sell your home within 3 years of purchase, the entire amount of the credit is recaptured, that is, the government takes it back.
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