The website www.federalhousingtaxcredit.com has some excellent and concise information on who qualifies for The Housing Assistance Act of 2008's $7500 tax credit. It also should be noted that the tax credit is essentially a $7500 interest-free loan that is to be repaid over 15 years.
There are 3 basic criteria that need to be met which are:
•1. Being a "First-Time Homebuyer", which means you (or your spouse) have not owned a principal residence in the last 3 years.
•2. Purchase Date: Purchase Date is defined by the date in which the owner first occupies the home. The dates of first occupancy are on or after April 9th 2008, and must be occupied prior to July 1st, 2009.
•3. Income: Modified adjusted gross income(MAGI) as defined by the IRS for the maximum $7500 credit is $75,000 for individuals and $150,000 for married couples. Incomes of up to $95,000 for individuals and $170,000 for married couples qualify for (very)partial credits.
For further information on the tax credit be sure to go to the website www.federalhousingtaxcredit.com for further details.
If you are considering purchasing your first home, with rates low and inventory high, now may be the perfect time! Remember, FHA Loans , VA Loans , and USDA Loans are available to help first time buyers.
Michael Byrne
www.refifhasecure.com
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Michael - interesting, I just wrote an article for my outside blog on this.