Terms and Conditions to qualify for the $8,000 tax credit

• Tax credit program is for first time home buyers only. First time home buyers also include those who have not owned a home (primary residence) for the past 3 years.

• Tax credit amount you receive is 10% of the home purchasing amount. However, the maximum amount you can get is $8,000. This tax credit can be used for down payment to buy a home.
  

• Single buyers who have an income of $75,000 or less and married buyers who have an income of $150,000 or less are eligible for full tax credit program. There is also a reduced tax credit for those who does not meet the income requirements. However, single buyers having income $95,000 or more and married couples having income $170,000 or more are not eligible for the program.

• The closing date of the home must be between January 1 2009 and December 1 2009. Closing date is the date on which the title is provided to the home owner. You don't have to pay back the tax credit.

• Homes that will be used for primary residence will be eligible for the program.