Tax Credit For Home Buyer Has Enabled the Owners Buy a House

Tax credit for the home buyers has given the homeowners as well as first time buyers an opportunity to purchase a new house. The ,000 tax credit is for the first time buyers and ,500 is for those who already own a primary residence and have plans to change it. However, before you start calculating, you should find out whether you are eligible to receive the ,500 credit or not. The basic requirements are that you have been living in your present house for at least five out of past eight years and your total household income should be less than 5,000 for singles and 5,000 for married couples.

Even though you can buy any house, the total cost price should not exceed 0,000. You will have to make the new home your primary residence, and at the same time you cannot sell your present home. Many people are trying to take the benefit of these ,500 or ,000 as they are completely free, and they don’t have to relay them to the Federal government. In fact, this is the best time to buy a house if you qualify and fulfill the requirements issued by the government.

The prices are low, the interest rate on home loans has gone down, and in addition you are being benefited with the tax credit. It is not necessary that you will have to buy only a new house, you can also take the benefit of the tax credit home buyer program and buy a resale house, keeping in mind it is not from any of your family members.

First Time Home Buyer Programs