Clarifying the tax credit - up to $8000!

Purchase a Home Now and Take Advantage of the New Tax Credit of up to $8,000
A benefit that makes your new home affordable

A tax credit is available for first-time homebuyers under the American Recovery and Reinvestment Act of 2009. If you buy a home between January 1, 2009 and November 30, 2009, you may be eligible to receive a tax credit for 10% of the purchase price of your home—up to $8,000. Program highlights include:

1. Any individual (and if married, their spouse) who has no ownership interest in a home during the last three years is eligible.
2. Full credit for single taxpayers with incomes up to $75,000 ($150,000 on a joint return); partial credit for incomes up to $95,000 ($170,000 joint return).
3. Available for the purchase of a single-family home that will be used as a principal residence. Moreover, if the new home you are purchasing is a mobile home or condo, and it is going to be your principal residence, you still qualify for the home buyer tax credit. Even building a home on a land (as opposed to purchasing a ready-made house) qualifies for the $8000 housing tax credit.
4. Homebuyers can reduce (or even eliminate) their income tax liability for the year of purchase by claiming the credit on their tax return.* (*Certain eligibility criteria must be met. homebuyers should consult their tax advisor for further details)
5. If the home is sold before three years, the first-time home buyer (who is now the seller) must pay the IRS the entire amount of the tax credit at closing.