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.

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

J.B,

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:

http://www.kendooley.com/am-i-eligible/

Best of luck,

Ken Dooley CIPS, ABR, TRC
Conlon: A Real Estate Company

JB.

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.

Best,

Sandra Matson, CRS, GRI, ABR, ADPR
Baird & Warner
Sandra@ChicagoMetroLiving.com
Direct: 312.981.2315