The $8,000 tax credit for first time home buyers is a great way for you to afford the home you always wanted. Interest rates are low and home prices are down, now is the time to buy! Below is information to see if you qualify for the credit.
Available only to first-time home buyers
The tax credit is not a loan and does not require repayment*
*If the home is sold within 3-years, the $8,000 tax credit must be re-paid
The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
Home purchase must be for a primary residence
You can recieve 10% of purchase price if you buy below $80,000 anything over $80,000 you recieve $8,000.
The credit is available on home purchases between January 1, 2009 and December 1, 2009
If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
The credit is not eligible if the seller is a relative of the buyer
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