{"id":741,"date":"2009-02-20T06:36:41","date_gmt":"2009-02-20T13:36:41","guid":{"rendered":"http:\/\/www.thehousedesigners.com\/blog\/?p=741"},"modified":"2019-02-27T21:56:35","modified_gmt":"2019-02-28T02:56:35","slug":"update-first-time-home-buyer-tax-credit","status":"publish","type":"post","link":"https:\/\/www.thehousedesigners.com\/blog\/update-first-time-home-buyer-tax-credit\/","title":{"rendered":"Update: First-Time Home Buyer Tax Credit"},"content":{"rendered":"<p><!--StartFragment--><\/p>\n<p class=\"MsoNormal\">While the proposed $15,000 home buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Obama signed into law Tuesday includes a similar, yet smaller amount, designed to help revive the real estate market. Here are some key things you need to know about the recently enacted $8,000 first-time home buyer tax credit:<\/p>\n<ul type=\"disc\">\n<li style=\"list-style-type: none\">\n<ul type=\"disc\">\n<li class=\"MsoNormal\">This credit is equivalent to 10 percent of the purchase price of the home, but it&#8217;s capped at $8,000. It applies only to <a class=\"\" href=\"http:\/\/www.usnews.com\/blogs\/the-home-front\/2009\/02\/17\/first-time-home-buyer-tax-credit-6-things-to-know.html\" rel=\"nofollow\"> first-time home buyers<\/a> and principal residences. The best part about this credit is that unlike the previous $7,500 home buyer tax credit, this one does not have to be repaid.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"list-style-type: none\">\n<ul type=\"disc\">\n<li class=\"MsoNormal\">For the purpose of this legislation, a &#8220;first-time home buyer&#8221; is defined as someone who hasn&#8217;t owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li style=\"list-style-type: none\">\n<ul type=\"disc\">\n<li class=\"MsoNormal\">The credit is only available to those who purchased or <a title=\"built a home\" href=\"https:\/\/www.thehousedesigners.com\/about-our-house-plans\/how-to-purchase-online-house-plans\/\">built a home<\/a> on or after January 1 and before December 1, 2009.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li class=\"MsoNormal\">The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that&#8217;s $150,000 for married couples. If you earn more you may still be eligible for a reduced credit.<\/li>\n<\/ul>\n<p><!--EndFragment--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the proposed $15,000 home buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Obama signed into law Tuesday includes a similar, yet smaller amount, designed to help revive the real estate market. Here are some key things you need to know about the recently [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-741","post","type-post","status-publish","format-standard","hentry","category-houseplans"],"_links":{"self":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/posts\/741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/comments?post=741"}],"version-history":[{"count":2,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/posts\/741\/revisions"}],"predecessor-version":[{"id":11390,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/posts\/741\/revisions\/11390"}],"wp:attachment":[{"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/media?parent=741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/categories?post=741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehousedesigners.com\/blog\/wp-json\/wp\/v2\/tags?post=741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}