Rochester MN Real Estate Market Blog

There’s good news if your a first time home buyer!  The president just signed the American Recovery and Reinvestment Act of 2009. This means that if your a first time home buyer and your income is less than $75,000 ($150,000 on a joint return) your are eligible for an $8,000 tax credit in the year 2009.  Better yet, any unused portion of this amount would be refunded to you when you file your 2009 taxes!  The tax credit is good for any single family home, town home or condo. Best of all, unlike last years plan, this credit is not a loan and does not have to be repaid if you stay in your home for at least 3 years.  For a fact sheet, click here: www.shawnburyska.com/2009FirstTimeBuyerTaxCredit.pdf

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