Today more than ever homeowners need to focus on creating a comprehensive plan for marketing their property. Use this video to learn why RE/MAX agents are uniquely qualified to help you successfully market your home in today’s real estate market.

The tax credit is for first time home buyers only. Don’t rule yourself out if you have previously owned a home. The law defines a first time buyer as one who has not owned a principal residence in the previous 3 years—a rental home or vacation home will not exclude you from this tax credit.

Many Buyers will qualify for the entire $8,000 credit since it is equal to 10%of the home’s purchase price (up to $8,000).

There are income restrictions with the credit which are important to consider. The tax credit is reduced proportionately for tax payers with Modified Adjusted Gross Incomes greater than $75,000 for an individual or $150,000 for a married couple filing jointly. The tax credit is not for those with MAGI greater than $95,000 or $170,000 for married couples.

The tax credit does not have to be paid back—as long as you use the residence as a principal residence for at least three years. All homes bought as a primary residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats although, again, you would have to use the residence as your principal residence.

You can even build a new home —or have a contractor or new home builder to build the residence as long as long as the first date of occupancy of the new home is before December 1, 2009 and if a new home builder builds it—the closing occurs prior to December 1, 2009.

This program can be combined with the Mortgage Revenue Bond (MRB) for additional benefit.

If you are considering Denver Real Estate you may be able to take advantage of this credit.

Overall this tax credit is basically like a bonus for first time Buyers. The government is more or less paying $8,000 to you to buy a home! This combination of tax credit bonus, low interest rates, large amount of inventory and reduced prices on many homes makes it a great time to buy a home.

If you’re considering buying a home in Colorado take a look at Evergreen Real Estate.