Never before have homebuyers had such an opportunity! Prices are affordable, interest rates are at an all time low and now the TAX CREDIT! Of course the tax credit only applies to FIRST TIME BUYERS! This means any person who has not had owned a home in the three years previous to the day of the 2009 Purchase. Two Factors are used to determine the amount of the credit: Price and Buyer's Income.
- Any home that is purchased for $80,000 or more qualifies for the $8,000 amount. If the house cost less that $80,000, then the credit will be 10% of the cost.
- Single buyers with incomes up to $75,000 and married couples with incomes up to $150,000 may receive the maximum credit.
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