Frisco Texas Homes for First Time Buyers enjoy the $8,000 tax credit as signed by President Obama

Frisco Texas First time home buyers are coming out by the dozens to look, and make decisions to purchase homes since President Obama signed the Modified Version of the American Recovery and Reinvestment Act on Tuesday February 17 2009. There were so many "versions" out there. It can get confusing to say the least. So, here it is as it pertains to the First-Time homebuyer tax credit for purchases on or after January 1 2009 through December 1 2009:

• Maximum credit of $8,000
• This is a true tax credit, not a loan repayment
• Applies to principle residences only ie it must be your Texas homestead
• Must be first-time home buyers ie purchasers who have not owned a principal residence in the previous 3 years.
• There is an income restriction. Full credit is available for individuals with an adjusted gross income no more than $75,000 and married couples of $150,000. Phase-out for caps at $95,000 and $170,000.
• Purchases made between January 1 2009 through December 1 2009
• Tax credit needed to be recaptured if home is sold in less than 3 years from date of purchase.

To receive your $8,000 tax credit, you will prepare your 2010 income tax. You will not be able to "realize" this $8,000 immediately, but it is by far a huge incentive for first-time homebuyer to purchase NOW. With the foreclosure markets driving prices like they are in Frisco Texas, the environment along with 5% mortgage rates cannot be more perfect for first-time home buyers.

Frisco Texas is a city built with careful considerations of providing city parks, hikes and bike trails, sport complexes and master-planned communities for its residents. Find out more neighborhoods in Frisco and the surrounding cities.

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