Frequently Asked Questions About The $8,000 Tax Credit

Who can qualify for the $8000 Tax Credit?

Anyone who is a first time homebuyer may qualify for the tax credit. In order to be considered a first time homebuyer, the purchaser or his/her sppouse may have not owned a residence in the past three years. The tax credit does not have to be repaid if purchaser occupies the home for three or more years. But if the house is sold within the first three years, the credit will be recouped on the sale. The following properties are available to be purchased with The First-Time Home Buyer Tax Credit : single-family homes, condos, townhomes, and co-ops, only if the are utilized as your primary residence. A buyers income is a determining factor in the $8000 maximum allowable credit amount. The maximum tax credit will be able to be received by single buyers with an income of $75,000 and married couples with incomes of $150,000. For more information about The 2009 First-Time Home Buyer Tax Credit please call me @ 832-863-3180