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Get up to $8,000 just for buying a home
This article was originally posted on DothanHomeSearch.com
Part of the new economic stimulus package just signed by President Obama aims to stimulate the housing market. This post is not to debate the merits of the plan, or even this specific provision of it. The purpose of this post is to give you, our Dothan area home buyers, the information you need to be able to take advantage of the $8,000 tax credit. Here is everything you need to know.
Who gets to use it?
First-time home buyers are eligible. First-time home buyers are defined as the folks who have not owned a home in the three years prior to purchase. In addition, the credit begins to phase out for purchaser’s making over $75,000 ($150,000 joint return) a year. The credit disappears at the $95,000 ($170,000 joint return) income level.
What kind of house can you buy?
Any single-family residence that will be used as your primary residence is eligible.
How much of a tax credit will I get?
The credit is for 10% of the purchase price of your home, up to $8,000. For any home under $80,000, you would get a 10% credit. Over $80,000, and the credit is ... more

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