What is the $8,000 First-Time Homebuyer Tax Credit? Did you know that if you're a first-time homebuyer this year, you can get an $8,000 tax credit toward the purchase of your home? That's pretty amazing, and almost unheard of. It's all part of President Obama's stimulus package for the economy, and it's meant to save homes from foreclosure while allowing people to buy new ones with greater ease. The stimulus package also includes grants for just about everything people need in their day to day lives, including food, clothes, and more. President Obama wants the money to help people get out of debt and start anew with their financial lives. So, what does the $8,000 first-time homebuyer tax credit do for you, and how can you qualify for it? 1. Remember, it is available only to first-time homebuyers. These are people who are either buying a home for the VERY first time, or who have not owned a home in over 3 years. 2. It is not a loan, but a tax credit. You don't need to re-pay it unless you sell the home within the first three years of owning it, in which case you would owe an $8,000 penalty to the government at closing when you sold the property. 3. The tax credit only applies to houses that are to be used as primary residences. 4. It is only available on homes that are purchased between January 1, 2009 and December 31, 2009. 5. If you're single, you may not earn more than $75,000 a year to qualify for the tax credit. If you're married, you can't earn more than $150,000 a year as a couple to qualify. 6. You can't get the credit if you're buying the house from a relative. If you meet these requirements, however, you may find that the $8,000 first-time homebuyer tax credit is just what you need to get into a home of your own. Talk with your real estate agent about your eligibility, and soon, you may be living in the home of your dreams, and best of all, you'll own it!
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