Qualified first-time homebuyers and those who have not owned a home in the past three years can take advantage of a federal program offering them up to a $7,500 tax credit for purchasing a new home, townhome, or condominium before July 1, 2009.

To receive full credit, single taxpayer income must be less than $75,000 and for married couples filing jointly, their income must be less than $150,000. Partial credits may be available for those homebuyers who earn more than the above income requirements. The tax credit is subject to other qualifications and restrictions, including repayment requirements.

For more details, please visit www.FederalHousingTaxCredit.com. This information is provided for general information purposes only and does not constitute legal or tax advice. Please consult your personal tax professional for complete details applicable to your individual circumstances.

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