| In an attempt to revive the real estate market and our | | | | buying a house but have yet to do so. The hope is |
| economy in general, the federal government is now | | | | that this incentive will push them over the fence. |
| offering a very big incentive to first time home buyers. | | | | The amount of the tax credit that you can receive is |
| If you qualify and are looking to purchase a home, you | | | | up to 10% of the purchase price of the home, with a |
| may be entitled to $7500 in tax credit just for buying a | | | | maximum payout of $7500. |
| home. How does the first time home buyer incentive | | | | The maximum annual income amount for an individual |
| work and do you qualify? | | | | to qualify for this program is $75,000. The maximum |
| In order to qualify for the first time home buyer | | | | amount for a household is $150,000. If your income |
| incentive, you need to purchase a home in the United | | | | exceeds these amounts but is less than $90,000 and |
| States and have it be your primary residence. In other | | | | $170,000 respectively, you may still qualify, but for a |
| words, you cannot purchase the home as an | | | | lesser amount. |
| investment and rent it out to others for income. You | | | | The tax rebate must be payed back to the |
| must live there. Secondly, you cannot have owned a | | | | government, but they give borrowers fifteen years to |
| home for a minimum of three years. The program is | | | | do it and do not charge any interest. Small payments |
| basically targeting those who have been thinking about | | | | of around 6 percent a year are required. |