How to Qualify for the $8,000 Tax Credit

Here are some general guidelines to qualify for the $8,000 Tax Credit:

Eligible Property: Any single-family residence (including condos, co-ops, and townhouses). All principal residences are eligible.

Refundable?: Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of the tax credit will be refunded to the purchaser.

Income Limit: Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).

First-time Homebuyer Only: Purchaser (and purchaser’s spouse) may not have owned a principal residence in the 3 years prior to purchase date.

Revenue Bond Financing: Purchasers who utilize revenue bond financing can use credit.

Repayment: No repayment for purchases on or after January 1, 2009 and before December 1, 2009.

Questions? Contact Jenny Phung at 972-731-0165, email jenny@jennyloans.com, or visit my website at http://www.jennyloans.com/.