If you are in the market for a home, you should consider whether you qualify for Obama’s First Time Home Buyer Stimulus. The good thing is there is nothing to apply for! You don’t need to contact anyone, you don’t need to pick up an application, and you don’t need to beg anyone to approve you. President Obama set up this program to accomplish more than one goal. The first one is to stimulate the economy as a whole by stimulating the housing market. Home sales have been stagnant, and it was hoped this program would encourage some people to purchase. It was also intended to help people who haven’t owned a home in three years to purchase a home. The program allows for a tax credit of 10% of the house price, or $8000 maximum. The income of the person or couple taking the credit has to be below a certain amount: $75,000 for a single and $150,000 for a couple. The house must be a primary dwelling, not a vacation home or a rental property. This program, unlike others in the Home Affordable Plan, does not entail a lengthy application process. This assistance is in the form of a tax credit.
You do the paperwork by filing it on your tax return. This tax credit is refundable, and this means you don’t have to owe that much to get it. Of course, Obama’s First Time Home Buyer Stimulus places the burden of knowing whether you qualify upon you. When you are purchasing a home, if you are counting on the tax credit to be there when you file, you must be sure your home purchase qualifies.
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