| A first time home buyer is that person who has not | | | | qualify is simply 10% of the value of the home to be |
| owned a home for the past three years preceding the | | | | bought and it does not exceed $8000. There are also |
| purchase of a home. This applies to married couples | | | | some other criteria that are put into consideration to |
| as well. This is to say that if your spouse has owned a | | | | determine whether one will be approved for the tax |
| home previously in the past three years, then you do | | | | income. This is the income level. Single persons must |
| not qualify as a first-time home buyer. | | | | not be earning more than $75,000 while the limit for |
| For such people who are looking for credit facilities, | | | | married persons is $150,000. |
| there is need to understand that one way through | | | | To apply for the tax credit, you should fill out an IRS |
| which this credit can be obtained is through tax. For | | | | form 5405. The amount you qualify for will then be |
| one to qualify for the tax credit, the purchasing of the | | | | determined and you can claim for it on line 69, which is |
| home must be done between January 2009 and | | | | part and parcel of the tax form. This is the only form |
| December 2009. The purchase becomes complete on | | | | you will be required to fill and as you do so, you must |
| the closing date and when the transfer has been | | | | be sure that the purchase is complete, otherwise you |
| made to the buyer. | | | | will be disqualified. |
| The amount for which a first time home buyer can | | | | |