Congress Has Approved An $8,000 Tax Credit For Homebuyers. Search Over 12 Thousand Homes Now!

Frequently Asked Questions
Q: A:	How much is the credit? The tax credit would be $8,000 or 10% of the purchase price, whichever is less.
Q: A:	What type of purchase is eligible? Similar to the $7,500 tax credit included in the Housing and Economic Recovery Act of 2008, the $8,000 tax credit included in the 2009 economic stimulus plan is available for the purchase of a principal residence by first-time homebuyers.
Q: A:	Who qualifies for the first-time homebuyer credit? According to the IRS, any taxpayer who has not owned a home during the 3 years prior to the date of purchase can qualify for the credit.
Q: A:	And I really don't have to repay the credit? No. This is a change from the previous $7,500 tax credit. However, if the home is sold within three years of purchase, the credit will be reversed.
Q: A:	Are there income limitations on the tax credit? The tax credit begins to phase out for individuals with adjusted gross income over $75,000 ($150,000 for joint filers).