Realtor explains revised homebuyer tax-credit

Editor:

Many people are asking, what does “The American Recovery and Reinvestment Act of 2009” mean to me, as it pertains to the “First-time Home Buyer Credit”?

Well, that is the $8,000 question. Here it is, in a nutshell. Last year, Congress provided taxpayers with a refundable tax credit equal to $7,500 or 10 percent of the purchase price, (whichever is the lesser of the two), on a home purchased by a first-time homebuyer on or after April 9, 2008, and before July 1, 2009.

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