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Tax Credit for First Time Homebuyers


Last Update: 7/01/2009 5:51 pm
First-time Homeowner's Tax Credit Works
(WXYZ) - First-time homebuyers are running out of time to save thousands of dollars on their first home.

WATCH JEREMY JOHNSON'S REPORT IN THE VIDEO PLAYER ON THE RIGHT

The American Recovery and Reinvestment Act, the economic recovery plan Congress enacted in February, created a temporary $8,000 tax credit for first-time homebuyers to spur home sales and help families become homeowners in tough economic times. Families considering buying their first home must close on their house by December 1 of this year.

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