In a recent press release, Gov. Bill Richardson along with the New Mexico Mortgage Finance Authority, highlighted the benefits for homebuyers resulting from the American Recovery and Reinvestment Act.

Specifically, homebuyers purchasing for the first time in the past 36 months can receive a federal tax credit for 10 percent of the home’s value up to $8,000. The home must be purchased between Jan. 1, 2009 and Dec. 1 2009. The tax credit is refundable and does need need to be paid back.

“During this time of unprecedented economic and social challenges, we are seeing that there are indeed opportunities for working New Mexicans to realize the American dream of owning a home,” Richardson said. New federal stimulus money, existing affordable homebuyer programs and low housing prices have come together to make this a great time to buy a home in New Mexico.”