The Expanded First-Time Home Buyer Tax Credit: 10 Common Questions (and Answers)

There is a list of the states that offer programs to assist in downpayments until the credit comes through on income tax return for the 8,000 dollar credit. This can be used for the 3.5% downpayment needed for an FHA loan. They charge little or no interest for these loans.

Lisa of AL 12:14PM January 30, 2010

I am looking to purchase my first home and could really use the tax credit toward closing and downpayment I need help fast no one seems to know just how to get it please help before I loose my bid thanks desperate

richard batyr of NY 8:15PM June 24, 2009

Dawn, you can view many results on the IRS website (the first link is to the Q&A's, the second is an overview with links to other information:

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

In response to your question, here is the answer:

Q. Are there income limits?

A. Yes. The credit is reduced or eliminated for higher-income taxpayers. The credit is phased out based on your modified adjusted gross income (MAGI). For a married couple filing a joint return, the phase-out range is $150,000 to $170,000. For other taxpayers, the phase-out range is $75,000 to $95,000. This means that the full credit is available for married couples filing a joint return whose MAGI is $150,000 or less and for other taxpayers whose MAGI is $75,000 or less.

B. Ebrecht of FL 9:41AM June 19, 2009

FIRST TIME HOME BUYER CAN GET $8,000 WITH CO BUYER?

MESKEREM of GA 7:32AM June 17, 2009