| Tax credit for the home buyers has given the | | | | the same time you cannot sell your present home. |
| homeowners as well as first time buyers an | | | | Many people are trying to take the benefit of these |
| opportunity to purchase a new house. The $8,000 tax | | | | $6,500 or $8,000 as they are completely free, and |
| credit is for the first time buyers and $6,500 is for | | | | they don't have to relay them to the Federal |
| those who already own a primary residence and have | | | | government. In fact, this is the best time to buy a |
| plans to change it. However, before you start | | | | house if you qualify and fulfill the requirements issued |
| calculating, you should find out whether you are eligible | | | | by the government. |
| to receive the $6,500 credit or not. The basic | | | | The prices are low, the interest rate on home loans |
| requirements are that you have been living in your | | | | has gone down, and in addition you are being benefited |
| present house for at least five out of past eight years | | | | with the tax credit. It is not necessary that you will |
| and your total household income should be less than | | | | have to buy only a new house, you can also take the |
| $125,000 for singles and $225,000 for married couples. | | | | benefit of the tax credit home buyer program and buy |
| Even though you can buy any house, the total cost | | | | a resale house, keeping in mind it is not from any of |
| price should not exceed $800,000. You will have to | | | | your family members. |
| make the new home your primary residence, and at | | | | |