FAQs About Federal Stimulus Package First-Time Home Buyer Credits

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FAQs About Federal Stimulus Package First-Time Home Buyer Credits

Posted at Jackson, NJ Real Estate Blog by Matthew Genovese

Feb. 23, 2009

Here is a link to a site launched by the National Association of Home Builders to try to answer most of the frequently asked questions about elegibility requirements and all of the ins and outs of the tax credit created for first-time home buyers in the new Federal Stimulus package.

Here is a quick summary of the main points of the credit from their site:

$8,000 Home Buyer Tax Credit at a Glance

The tax credit is for first-time home buyers only.
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit