Asian Journal- The Filipino-American Community Newspaper

The tax credit is 10% of the purchase price up not to exceed $8,000 if you file jointly or $3,750 if you file as a single person. 

A First Time Home Buyer is defined as a person that has not owned a home in the past 3 years. This also applies to co-borrower.  

The tax credit is available for any home - new, old, bank owned or not, in any condition in any part of the US as long as it’s purchased within the designated time frame which is December 1st , 2009.

Does not have to be repaid and has income limits of $75,000 for single taxpayers and $150,000 for married couples.

1st time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit.

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests homeownership history of both the home buyer and his/her spouse. For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.

Any home purchased by an eligible first-time home buyer will qualify for the credit, provided that the home will be used as a principal residence and the buyer has not owned a home in the previous three years. This includes single-family detached homes, attached homes like townhouses, and condominiums.

Yes. Home buyers who file their taxes as single or head-of-household taxpayers can claim the credit if their modified adjusted gross income (MAGI) is less than $75,000. For married taxpayers filing a joint tax return, the MAGI limit is $150,000. The limit is based on the buyer’s modified adjusted gross income for the year that the house is purchased, except for certain purchases in 2009.