There has been a lot of discussion (and use!) recently of the $8,000 tax credit the federal government is offering, but what is this tax credit really all about?

As part of the stimulus package the government is offering $8000 as a tax credit to first-time buyers. To qualify as a first-time buyer you must not have owned a home any time in the past three years. For married couples, neither of you can have owned a home in the past three years. You must be planning to use the house you purchase as your primary residence. All single-family and attached homes (duplexes, condos, etc) qualify, as well as mobile homes, houseboats and new construction homes.

There are income limits for qualification: $75,000 for a single person or $150,000 for a married couple. And the actual terms of the credit are 10% of the purchase price of the home, up to $8000. All transactions have to be completed between January 1, 2009 and December 1, 2009. This is a true credit, meaning that it does not have to be repaid, unlike previous government incentives.

For more specific details you can go to the government website: http://www.federalhousingtaxcredit.com/2009/home.html. If you would like to use this credit, contact the Steve Volkers Group to look at houses today!