First-Time Home Buyer Tax Credit Has Been Extended

Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers

In its effort to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity. Only home purchased between November 6, 2009 through April 30, 2010 are eligible. Use the links below to find out more about the tax credit.

$8,000 Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The credit is available for homes purchased between November 6, 2009 through April 30, 2010 .
• Single taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

Visit one of our Mortgage Consultants for more information or [click here] to visit the National Association of Home Builders' Federal Housing Tax Credit Web page.

Information above provided by the National Association of Home Builders. HawaiiUSA FCU is not a tax advising organization. Please consult with your tax expert to see how you can benefit from this first-time home buyer tax credit.