$8,000 for First Time Buyers if you buy by December

As part of President Obamas homeowner plan, first-time home buyers can receive up to a $8,000 tax credit that can be claimed on either their 2008 or 2009 tax returns if they buy before December of 2009.

This will be given as a tax credit even if the buyers tax liability is less than $8,000. Unlike the old $7,500 plan, this tax credit will not have to be repaid. Only first time home buyers will be eligible for this tax credit. Taxpayers are considered first time buyers if they have not owned a real estate in the last three years. They also have to commit maintain this home as their primary residence for three years.

There are income restrictions for qualify for the tax credit, but it likely won't effect many first time buyers in Logan. Buyers gross income must be less than $75,000 for individuals or $150,000 for married couples.

This is going to greatly stimulate the Utah Real Estate economy.

So first time buyers, it's time to consider purchasing real estate in Utah.

The best way to get started is to start searching Cornerstone Real Estate's online search site, and get prequalified by a quality mortgage lender.