| The US people can own their dream house by availing | | | | Another key point is that the house that you are |
| 2009 Stimulus Package. The package would help the | | | | buying must only be meant for the principle use. If one |
| home owners through tax credits, grants & loans. | | | | has got the house as a gift or as an inherited property |
| There are some points that would help you understand | | | | you can not get the first time house buyer grants. |
| the benefits offered in first time home buyer grants. | | | | Here it is important to mention that a house purchased |
| Who is a First Time Home Buyer? | | | | from the family or acquaintances are also excluded |
| Any individual who does not own a primary house on | | | | from the benefits. |
| his or her name for past three years or more is eligible | | | | What is the amount of the benefits? |
| to get the grants for the first time home buyer. In case | | | | Depending on when you have bought the home, the |
| of a couple, both the partners must not have a home | | | | amount of tax credit you are eligible for would vary. |
| in their name for last three years. The house in | | | | Between January 1, 2009 & December 1, 2009 |
| consideration must be located in the US and the | | | | the limit is up to $ 8000. From April 1, 2008 & |
| person applying for it must be a US citizen above 18 | | | | before January 1, 2009, they now qualify for a tax |
| years of age. | | | | credit up to $ 7,500. Unlike the 2008 tax credits, this |
| What must be their income limit? | | | | year one does not need to pay back the amount. |
| In order to be eligible for the first time home buyer | | | | How can you avail the first time house buyer grants? |
| grants the income of the individual can not be higher | | | | To avail any or all of the tax benefits you can directly |
| than $ 75,000 and for the couple it can not be more | | | | contact the FHA (Federal Housing Administration) |
| than $ 150,000. | | | | & HUD (US Federal Housing & Urban |
| What are essential points to be met to get the tax | | | | Development Department) through their official website |
| benefits? | | | | or the HUD counselors. |