Sharon meant 10% of the purchase price, forgot the 0.
vik

Hi there Justin, the answer to your tax credit question is $8000. You must qualify for it though - take a look at this - this will answer all your questions http://www.weichert.com/firsttimebuyer -- Hope this helps you....

Hello Justin,

The amount goes up to $8k and is dependent on a number of factors, including your family's combined yearly income. For more details please refer to HUD.gov or IRS.gov. Here's a basic breakdown for you:

-The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

This page has a handy Q&A about the tax credit:

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

Good luck and let me know if you need a hand with financing when you're ready, my bank is located in southern NJ and primarily services NJ and PA.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

Justin, A real good place to get information on the Tax Credit is the IRS site...
http://www.irs.gov/newsroom/article/0,,id=187935,00.html

The Tax form you would fill out ... http://www.irs.gov/pub/irs-pdf/f5405.pdf

Right now, the amount is $8,000. You must settle on your first home before Dec 1, 2009. There is a bill that is not yet passed that raises that to $15,000 and not just for 1st time home buyers, but like I said, that has not passed yet and there is no guarantee that it will. If you are a first time home buyer (haven't had a house in your name for at least 3 years) and you purchase a home, you can receive up to $8,000 as a tax credit. It's actually 1% of the purchase price of the home up to $8,000. If you are the only name on the deed and your home is at least $80,000 and you make $75,000 or less, you will get the full $8,000 refund. If you and your spouse are both on the deed and you make $150,000 or less, you will get the full $8,000 on an $80,000 or more home. If you make over those amounts, the refund will be pro-rated so you will still get a refund but just not $8,000. That's it in a nutshell, but if you'd like to discuss this further, feel free to contact me.