House for sale on Old Farm Deer Park IL

 First-time homebuyers who purchase homes from January 1st until the end of November 2009 may be eligible for an $8,000 or 10% of the value of the home tax credit, whichever is lower.  That is a tax credit and not a tax deduction – a tax credit is the same as money in your pocket, a tax deduction only reduces your taxable income. If buyers sell their homes before 3 years, they have to repay the credit.  The tax credit starts phasing out for single filers with incomes 75k or more and couples with incomes above 150k.

 Remember as of now today mortgage rates are at an all time low.  If you are looking to purchase a home in Northern Illinois contact our professional real estate team.

If you would like more information on the tax credit try these sources:http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdfhttp://www.federalhousingtaxcredit.com/faq.php