What is the tax credit?

It's a credit for up to 10% of the cost of your new home or a maximum of $8,000.00.  Any home purchased for $80,000.00 or more qualifies for the credit.

Who Qualifies?

Only first-time homebuyers. You're considered a first-time homebuyer if you have not owned a home for three of the last five years.

Are there income restrictions?

Yes. Individuals are eligible for the credit if their income is no more than $75,000.00.  For married couples, the limit is $150,000.00.

What if I make more?

You could still get a portion. Individuals who earn up to $95,000.00,and couples that earn up to $170,000.00 can still get a tax credit, based on a sliding scale.

Are there financing restrictions?

Most financing arrangements are acceptable.

Do I have to repay the credit?

No. Unlike the 2008 credit, there is no repayment requirement.

How do I apply?

There is no pre-purchase authorization. You simply claim the credit on your 2008 or 2009 tax return, on the new IRS form 5405.

2008 or 2009? How does that work?

If you buy a house before April 15, 2009, you can claim the tax credit on your 2008 taxes. If you buy after that, claim it on your 2009 taxes. *Check with your accountant or tax advisor  for specifics on dates.

Is there a deadline?

Yes. You have to buy and close on your home before December 1, 2009 to be eligible.

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