Love it or hate it, the $800 billion stimulus bill that was signed into law this month gives a big boost to first-time home buyers. Here are some of the details of the $8,000 tax credit.
The credit is for 10% of the purchase price of the home up to $8,000.
Only first-time home buyers and principal residences will qualify.
This credit does not have to be repaid.
As it applies to this tax credit, a first-time home buyer is defined as someone who has not owned a principal residence for three years.
To be eligible for this credit you must purchase a home on or after January 1 and before December 1, 2009.
Single buyers need $75,000 gross income or less to qualify and married couples can make up to $150,000 for the full credit. If you make more than this you may still be able to get a smaller credit.
If you sell your home before three years you will have to return the credit to the government.
With this tax credit, low home prices, low interest rates, and a good inventory of homes on the market, now is the perfect time for first-time home buyers to get that house they have been waiting for.
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