There’s good news for 1st time home buyers!  As part of the new stimulus package, first-time home buyers can receive an $8,000 tax credit if they purchase a home between January 1, 2009 and December 1, 2009.  Unlike the $7,500 tax credit offered in 2008, the new $8,000 credit in 2009 does not need to be repaid.

To qualify for the credit, buyers must earn less than $150,000 in adjusted gross income for couples filing jointly and they must reside in the home as their primary residence for a minimum of three years.

The definition of a first time home buyer is anyone who has never owned a home before or anyone who has not owned a home within the last three years.

As always, I would love to assist you with your purchase in Portland.  Please let me know how I can help!  You can reach me at 503-421-2407 or Phyllis@PointClickandPack.com.