For a limited time, not only can eligible first time homebuyers receive a $7,500 tax credit, but Contry Homes is offering a $7,500 discount on all inventory homes!*

       Recently Congress signed into law what is by far the most important multi faceted housing legislation this nation has seen in the past 50 years.

       One important component of the bill is a $7,500 tax credit for first-time home buyers.  This credit is available to anyone who has not owned a home in the last three years .  You can’t wait forever to take advantage of this once-in-a-lifetime opportunity; as it is only available for those who close on a home before June 30, 2009.  For details on how the tax credit works, go to www.federalhousingtaxcredit.com.

       As a home builder, we believe that the effect of this first-time buyer $7500 tax credit is creating a buying opportunity for the entire market. Contry Homes is also creating an additional buying opportunity by giving the buyer a matching $7500 discount on all Contry Homes under roof in over 16 subdivisions in 3 different counties.  The Contry offer expires September 30,2008 . Statistically, 40 percent of homes sold are purchased by first-time buyers.

       The latest housing legislation  is a critical turning point for all of us with the promise of a brighter and healthier marketplace on the horizon. Take advantage of this life changing opportunity and investment in your future.

First-Time Home Buyer Tax Credit Fact Sheet

Who is Eligible

• The $7,500 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in the program.

Income Limits

• Home buyers who file as single or head-of-household taxpayers can claim the full $7,500 credit if their modified adjusted gross income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home buyer tax credit.
• Married couples who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples with an MAGI that exceeds $170,000.

Effective Dates for the Tax Credit

• First-time home buyers would receive a $7,500 tax credit for the purchase of any home on or after April 9, 2008 and before July 1, 2009. To qualify, you must actually close on the sale of the home during this period.

Tax Credit is Refundable

• A refundable credit means that if you pay less than $7,500 in federal income taxes, then the government will write you a check for the difference.
• For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $2,500 payment from the government.
• If you are due to receive a $1,000 tax refund from the government, your refund would grow to $8,500 ($1,000 plus $7,500 from the home buyer tax credit).
• Buyers can take the tax credit in their 2008 or 2009 tax return.
• If you purchased the home in 2008, the tax credit is taken on your 2008 tax return. If you buy in 2009, you have the option of taking the credit on your 2008 or 2009 tax returns.

Payback Provisions

• The tax credit essentially serves as an interest-free loan to be repaid over 15 years.
• For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. However, the buyer doesn’t have to start repaying the credit until two years after the tax year in which the credit is claimed.
• If the home owner sold the home, then the remaining credit would be due from the profit of the home sale.
• If there was insufficient profit, then the remaining credit payback would be forgiven.

For more details on the tax credit, go to www.federalhousingtaxcredit.com

* Applies to spec homes under roof.    SUBJECT TO CHANGE WITHOUT NOTICE