First time home buyers $8000 tax credit is nearing an end. The home must be closed on before December 1, 2009 to get the credit. A first time home buyer is defined as not owning a home three years prior to this purchase. There are income limitations, single tax payers have to make under $75,000 a year to get the tax credit. $170,000 if married is the maximum income to make, to receive the tax credit.
If you have owned a home but not in the past three years, you can qualify for the tax credit.
"A lot of people don't know that they may have owned a home five or ten years ago, but for whatever reason financial they've been renting. As long as they haven't owned one the past three years they can take advantage of this," Realtor Val Daudet said.
First time home buyers like Stacey Johnson and J.T Brocksmith are looking to close on their first home and cash in on the credit.
" We really kind of got to get on the ball if we are going to get it done before the tax credit ends or if its going to be extended. We're not quite sure but just trying to find what's good out there," Stacey Johnson said.
For more information on the tax credit, go to FOX23.com, and click on Fox Box.
