New Homeowner Tax Credit Myths

Posted March 26, 2010

Time is ticking on the New Homeowner Tax Credit, and we’re coming across many myths and misconceptions as we speak to people eager to get into their first, green, wallet-friendly home and take advantage of this great opportunity.  Here are a few of the top myths:

Myth 1:  It’s a Deduction or a Loan.
Myth Busted:  It’s a Credit! New homebuyers do not have to pay back the tax credit…it will be added to their refund!  That’s like $8,000 in your pocket.

Myth 2:  Only people who have never owned a home apply.
Myth Busted:  Not necessarily.
In fact, if you and your spouse have not owned or not lived in a home that you own for the last three years, you can take advantage of the credit.

Myth 3:  It doesn’t apply to new construction or anything but a free-standing house.
Myth Busted:  New homes and condos and townhomes count!
In fact, the credit applies to detached homes as well as townhouses, condominiums, mobile homes, and even houseboats.

Don’t fall for the many myths that are out there on the tax credit…pursue your dream of homeownership before time runs out on April 30!  Click here for more information on our new-buyer-friendly Kingsbridge Townhomes, where Boulder County lifestyle meets green low-maintenance starting at just $198k.