As you might have heard, the federal government recently extended and expanded the homebuyer tax credit it's been offering.
A first-time buyer can get a tax credit worth $8,000 or 10% of the home's purchase price -- whichever is less. The government defines a "first-time buyer" as anyone who hasn't owned a home in the last three years.
A repeat buyer can get a tax credit worth $6,500 or 10% of the home's purchase price -- whichever is less. The buyer must have owned a home for at least five consecutive years out of the last eight years. And the purchased home must be a new primary residence, not a vacation home or rental property.
Here's a great, concise overview of all this, straight from the IRS itself:
If you'd like something animated and a bit more entertaining, you'll want to check out this:
Created by Washington state's association of Realtors (that's why you see their website listed at the end), it features characters who sound like they could be relatives of Ned Flanders. But gosh-a-rooney -- the whole thing's pretty darn clever.
