Biz,

There are a number of guidelines involved with The American Recovery and Reinvestment Act that you should be aware of. We recommend previewing this wonderful website that covers commonly asked questions in simple understandable terms.
http://www.federalhousingtaxcredit.com/2009/faq.php

Best wishes with your home buying experience.
The Eckler Team


Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363

There's no minimum so long as it otherwise qualifies, and so long as you qualify. For example, right now I'm selling a manufactured home for $13,999. If someone who qualifies for the first time homebuyer credit purchases it, they're entitled to a $1,400 credit. So: No minimum home price so long as it and you otherwise qualify.

When you mention lowest, are you concern about your monthly payments being affordable or you can't qualify for a loan gig enough to purchase a decent property in your area?

Celine Fang
Immi-Nest, LLC
I Sell Houses - Owner Financing Available for ALL Credit Types
504-723-9269
http://www.imminest.com

Hi Biz
To keep it simple - the tax credit equals 10% of the purchase price - capped at a maximum of $8000 (or an $80,000 purchase price).

You get the full benefit with an income of $75,000 for singles, and $150,000 for couples - the credit phases out completely when you hit 95,000 and 170,000 respectively. As mentioned below, it is a modified adjusted gross income.
The home must be your primary residence.
Good Luck!
Debbie

Good point,Vicky:

Modified adjusted gross income--$95,000 for a single person---$170,000 if married filing jointly.

Don't forget there are income restrictions, too.

you get $1000 in tax credit for every $10,000 of house you purchase,so to get the full $8,000 you would have to purchase an $80,000 house. if you purchased a $70,000 house you would only get $7,000.