President Barack Obama's $787 billion economic stimulus package now includes an incentive for first-time homebuyers who purchase a home between January 1 and December 1, 2009. The package includes a new refundable tax credit for first-time homebuyers equal to 10 percent of the home's purchase price, up to $8,000. Since a home in a Kentland community is already affordable, homebuyers are able to take full advantage of the 10 percent tax credit!

To qualify for the tax credit, the buyer must be a first-time homeowner, or a buyer who has not owned a residence during the three-year period prior to the purchase. Single taxpayers may not exceed adjusted gross incomes of $75,000, and married couples may not exceed $150,000. If the credit exceeds the taxpayer's tax liability, the taxpayer is able to receive a check for the difference. The tax credit must be repaid if the first-time homebuyer sells the home within three years.

If you would like to take advantage of this limited-time opportunity to save 10 percent, please contact us or take a look at the FAQ on the tax credit. It's a great time to buy a home!