Six things you Must Know about the NEW 2009 $8,000 First-Time Home Buyer Tax Credit:

1. Eight grand, new buyers: This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. And unlike the $7,500 credit for 2008, this 2009 tax credit doesn't have to be repaid, unless you sell your home within three years.

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.)

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. YOU MUST CLOSE BEFORE DECEMBER 1st.

4. Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.

5. Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability. Example: You owe $2,000 then you get a check for $6,000 - It's that simple.

6. Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government.

Call Mark Hitz, Your Keller Williams Realtor of Choice with any questions about this $8,000 tax credit or any other questions about buying a home. Cell: 214-514-1800

Buying your first home in The Colony TX, Frisco, Little Elm or another far north Dallas area city is fun, exhilarating and maybe even a little overwhelming. There's much to take into account when buying a first home, but Local Realtor Mark Hitz and the Keller Williams Rivera Team of Realtors, Keller Williams Realty Northwest have a great deal of experience with First Time Home buyers, and we can help you prepare, and give you the knowledge, to make buying your first home a smooth and easy process.

Contact Mark Hitz, Realtor, Keller Williams Realty Northwest about Buying your First Home. If you are a First Time Homebuyer, looking for a home in The Colony, Frisco, Little Elm or another far north Dallas TX area community and want to work with a team of Real Estate Experts that can help, please feel free to contact us. Simply call Mark at 214-514-1800, or e-mail Mark. All of the Realtors at Keller Williams Realty Northwest will be glad to talk with you, and help you in all of your far north Dallas TX area communities Real Estate needs.