First Time Home Buyer

FEATURE	THE FACTS
Amount of Credit	Maximum credit amount is 100% of the value of the home, not to exceed $8,000.
Eligible Property	Any single-family residence (including condos), that will be used as a primary residence.
Refundable	Yes! This credit is no longer a reduction of income liability, but a dollar for dollar tax deduction. A purchaser will receive a refund for any unused amount when the tax return is filed.
Income Limit	An individual who files a Form 1040 status as single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a join return may have no more than $150,000 in income. The credit phases out if income exceeds these limits up to an eligibility cap of (95,000 for individuals, and $175,000 for joint returns.
First-Time Homebuyer Only	Yes! All purchases may not have owned a home in three years previous to purchase.
MFA Bond Program	Purchasers who utilize the NMMFA Bond Program are now eligible to receive this credit.
Recapture	If the home is sold within three years of purchase, the entire amount of credit must be repaid. *Borrowers should consult a tax advisor to provide guidance relevant to their specific circumstances.*
Effective Date	Purchases on or after January 1, 2009 and before December 1, 2009.

Keller Williams
9201 Montgomery Blvd, NE, Suite 101 • Albuquerque, NM 87111
Phone: 505.350.7870 • Fax: 800.761.0511
Office: 505.897.1100