First Time Buyers who buy a home this year can qualify for an $8,000 direct tax credit. This $8,000 will NOT have to be repaid if you stay in your home for atleast three years.

You can buy any home you like, a townhome, a condo, a foreclosure, a short sale, or a nice house with a yard. It can be listed by ANY Realtor, or can even be listed for sale by owner. This $8,000 rebate is yours to use as you like. It can save you even more if you use this $8,000 to actually pay off your house.

Some other details of this homebuying stimulus package include:

Tax credit is up to 10% of the value of the home. So, homes purchased for less than $80,000 won't get the full $8,000.

Full Credit is available for individuals who make less than $75,000 per year and couples with annual incomes less than $150,000. Partial credits are available for people who make more money.

People are eligible as First Time Buyers if they haven't owned a home for at least three years.
The credit amount must be replayed at sale of home if home is sold before three years.

Applies to all homes purchased between January and November of 2009.


First time buyers who buy a home this year will get an $8,000 tax credit. If this tax credit is used to pay down the principal of the loan, buyers can save approximately $25,000 in interest and will pay off their home loan 40 months earlier.

The catch is that the savings is realized at the mortgage term and not right now.

Lets suppose you buy a $160,000 house with a $10,000 down payment, giving you a loan amount of $150,000. With a ridiculously low interest rate of 5% (which is available today), you would have a principal and interest payment of $805.23 on a 30 year mortgage. Not a bad payment for a nice home.

Over the course of the loan you would pay $139,884.83 in Interest. Now if you hurried and bought a house now, and were able to get the $8,000 tax credit this year, and immediately applied that $8,000 to paydown the principal owed on your mortgage, It would reduce the interest you would ultimately pay to $114941.74 a savings of $24,963 PLUS you would pay your house off 40 months faster, saving you $32,200 in house payments... So essentially, if you buy a house this year, it could save you more nearly $60,000 over the next 30 years.

Start shopping today by searching all available homes for sale in Utah.

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