Qualify for the tax credit when you buy your first home at Emerald.

How much will the new tax credit be?

$8,000

Who's eligible for the $8,000 tax credit?

First time homebuyers who close on homes between January 1, 2009 and November 30, 2009. A first time home buyer is defined as someone who has not owned a pricipal residence in the three years prior to purchase. For married couples, both spouses must qualify under this three year rule.

What are the details of the new tax credit?

The new tax credit is an $8,000 refundable tax credit (or up to 10% of the purchase price). This means that if your total tax liability in the given year is less than $8,000 the IRS will send a refund for the balance.

Will I have to pay back the tax credit?

No, provided you live in your home for three years or more.

Who qualifies for the credit?

First-time homebuyers and/or taxpayers who have NOT owned a main home (i.e., Principal residence) at any time during the three years prior to the date of purchase. Purchasers of a principal residence, which must be a home located in the United States and is generally considered to be the home where you spend 50% or more of your time. It can be a condo, single family detached, co-op, townhouse or something similar. Vacation homes and rental properties are not eligible. For new construction, the "purchase date" is the date you occupy the home.