Jb, Home Buyer in Near North Side, Chi...

Is there an annual income limit one must fall under to qualify for the first time home buyer's credit?

Asked by Jb, Near North Side, Chicago, IL Mon Oct 5, 2009

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Jb -

There certainly is. Beside the purchase price of your house being a factor, income is as well. The amount starts going down for individuals who make over $75k per year. It jumps down drastically per $1000/year after that. Dream Town's website is an excellent resource for this type of information. Visit: http://dreamtown.com/buy/8k-tax-credit.jsp for details.
0 votes Thank Flag Link Tue Oct 6, 2009
Jb..............just one quick thing to add...the income requirements/limits that were mentioned are based on your "MAGI"....which stands for....Modified Adjusted Gross Income
0 votes Thank Flag Link Mon Oct 5, 2009

Individuals whose income exceeds the $75,000 limit but isn’t more than $95,000 can still take the credit but on a reduced basis. The same thing applies to households earning up to $170,000. $8,000 is the max, regardless of single or married status. Yyou can go to the following blog post to read more answers to FAQ'S on the $8,000 Tax Credit:


Best of luck,

Ken Dooley CIPS, ABR, TRC
Conlon: A Real Estate Company
Web Reference: http://www.KenDooley.com
0 votes Thank Flag Link Mon Oct 5, 2009

Here is the information from my blog regarding income limitations.

There are income guidelines on the credit. Individuals with an adjusted gross income up to $75,000 (or $150,000 if filing jointly) are eligible for the full tax credit. The credit is phased down for those earning more and is not available for those with an income above $95,000 (or $170,000 if filing jointly).

If you would like to read the complete post, you can find it at the link below. And if I can be of further assistance, please do not hesitate to contact me. Don't forget...you only have a couple of weeks to have a home under contract if you wish to take advantage of the credit.


Sandra Matson, CRS, GRI, ABR, ADPR
Baird & Warner
Direct: 312.981.2315
0 votes Thank Flag Link Mon Oct 5, 2009
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