| President Barack Obama's 2009 Stimulus Package is | | | | · The 2009 tax credits unlike the 2008 tax |
| all set to rescue the home owners from bankruptcies | | | | credits do not have to be repaid. |
| & foreclosure. It has brought along several | | | | · The house that you buy must be your |
| relieves for those who wish to own a home but have | | | | principal residence. |
| none right now. The first time home buyers have much | | | | · The house purchased cannot be sold further |
| to look up to in the new Stimulus Package. They can | | | | before 3 years. In case you sell it off in these 3 years, |
| get grants & tax credits to make their buy easier. | | | | then you would be required to pay back the amount in |
| Here are some key points to qualify & apply for | | | | the year of sale it self. |
| the tax credits & grants to buy your first home: | | | | · If your date of purchase is anything between |
| · As the law suggests the first time home | | | | January 1, 2009 & December 1, 2009, you are |
| buyer is the one has not owned a principal residence | | | | eligible for a tax credit up to $ 8000. |
| for past 3 years of more. In case of a couple, any of | | | | · In case the purchase is between April 1, 2009 |
| the spouses must not have owned any home in the | | | | & January 1, 2009, the tax credit is up to $ 7500. |
| past 3 years. | | | | · In case you have got the house amidst these |
| · The home that you are buying must be | | | | dates but as a gift, inheritance or from some family or |
| located in US only. | | | | acquaintances, you can not apply for the tax credit. |
| · The income of single person buying the | | | | Also if you had the house earlier and have moved in |
| house and apply for tax credit should not be over $ | | | | to live their in these dates, then you won't get the |
| 75,000 per year. In case of a couple this limit is defined | | | | credit. |
| up to $ 1,50,000 per year. | | | | |