Mortgage Investors Group is Tennessee's #1 "First Time Buyer" Lender for 6 Consecutive Years!
1. Effective for purchases on or after January 1, 2009 and before December 1, 2009.
2. Credit of the lesser of 10% of cost of home or $8,000.
3. All principal residences are eligible
4. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
5. Income limit is $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). These numbers are based on adjusted gross income.
6. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.
7. Purchaser may use THDA financing.
8. No repayment for purchases that were made within above timeframe except that entire amount of credit is recaptured if home sold within three years..
Phone 615-777-HOME (4663) E-mail george.margrave@migonline.com
For additional information on the above, please visit website at:
http://www.federalhousingtaxcredit.com/
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