Marsha Wiss,
I am always nswering under Pete. Hope he oes not disagree.
On the income restrictions the wording i
"Full amount of credt fr individuals with ajusted gross income of no more than $75,000 ( 150,000 on a joint return). Phase out above those caps ($95,000 and $170,000)."
The real me
Margaret

Marsha Wiss,
There aare some income qualifications and some purchase qualifications.
For instance if you purchase a home for 65,000 your credit will only be 6,500.
As for the 8,000 it is 10% of purchase price or 8,000 which ever is the least.
Margaret

For those Buyers reading this question currently. The Tax Credit now is $8000 plus some can qualify for an additional $2000 with some Loan Programs. This is Free Money our Government is throwing at Buyers ! Tax Credit is available up until Dec 1 2009 (property must close by this date)

Marsha,
The answer is yes. You must purchase the home before July 1, 2009 and it must be used as your primary residence. Please visit my website to see more FAQs on the $7500 credit.

Marcia

If you owe $1 then you will get $7,499 back after applying incentive.

If you should get $1 back, then you would get $7,501 back with the incentive.

Many are using this to pay back taxes(a great deal).

GREAT QUESTION: I am a Dallas realtor, and mortgage loan officer happy to assist with all your real estate questions. However your IRS refund has no bearing on 1st time homebuyer $7500 credit.

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marsha

yes maam you will then get 7500 back if you owe nothing. i got returned emails on the prospects i tried to send you please email me at rj.avery@att.net and i will get it over to you asap.

RJ