I also posted this on my outside blog. The consumers and First Time Home Buyers are so confused on what was actually passed after five re-writes of the bill.
If you are a First Time Home Buyer in Ann Arbor or anywhere in Saline, Dexter, Chelsea or Ypsilanti, Michigan, hope this clears up the confusion.
First Time Home Buyers search the Ann Arbor Area MLS.
Here are the rules to apply for the Tax Credit.
If you buy a home between January 1, 2009 & December 1, 2009, you can apply for the tax credit of “up to” $ 8000. It is actually 10% of the purchase price or whichever is less.
The tax credit does NOT have to be repaid.
If you are single your income must be below or equal to $ 75,000 per year in salary. If you are a couple filing jointly you can not make over $150,000 per year.
You must purchase a home in the United States.
The home must be your primary residence not a vacation, or investment home.
This tax credit is ONLY for first time buyers.
You are not eligible to claim the credit is you are purchasing from a relative.
You can not have owned a home for 3 years prior to applying for the credit.