$8,000 Tax Credit

The stimulus package has some changes with regards to the First Time Home Buyer Tax Credit. These changes are as follows:

The credit is for a true 1st time home buyer, meaning they have not owned a home or been on title in the previous three years.

The tax credit has been raised from $7,500 to $8,000 OR 10% of the purchase price.

The dates for qualifying for tax credit have changed. Any home purchase between January 1, 2009 and December 1, 2009 now qualifies.

No repayment is required if the home buyer stays in property for at least three years.

There are income limitations for this program, $75,000 for single tax filers and $150,000 joint tax filers.