The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first time home buyers purchasing a home between now and July 1, 2009.  If you would like more info about this program, please drop me an e-mail at Jorge@House4U.com.  I have a detailed 4-page handout about the tax credit and I can e-mail it to you in a .PDF file. 

Something to keep in mind, the Government considers a "First-Time Home buyer" as someone who has never owned a home.  However, they also consider you a "First-Time Home Buyer" if you have not owned a home in more than 3 tax years.  The easy way to determine this is if you have not claimed the mortgage deduction on your taxes for the last 3 tax filing years.  Technically, you could do this by filing early in 2009 and you could go back to 2007 and 2008.

 

This federal tax credit applies to all homes in the Virginia Beach and Hampton Roads area in Virgina.