The $8,000 tax credit that we have all heard about has a soon to be new feature, It will be able to be used as a down payment. Here is bullet list of the requirements for the credit.
1. For first time home buyers only (Defined as someone who has not owned a home in the last three years
2. The credit, unlike last years, does not have to be repaid
3. The credit amounts to 10% of the purchase price of the home with the maximum amount being $8,000.
4. The credit is available to buyers who close on the purchase of their home between Jan 1 2009 and December 1 2009
5. Income limits are for single taxpayers income cannot exceed $75,000. For married couples $150,000
6. If you tax liability is less than $8,000 you will get a check back for the balance.
7. The credit will soon be able to be used in advance for your down payment.
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