Sequim first time home buyers have an opportunity.   If you’re a first time home buyer, you can take advantage of the lowest prices in real estate in decades, the lowest interest rates in decades, and on top of that an $8,000 tax credit! Here’s how it works.

  • The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid.
  • The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  • The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  • Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This is a great time to buy a home in Sequim or Port Angeles and a great time to build a home, but if you wait too long, you will lose the benefit of low prices and low interest rates.

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