First-Time Homebuyers
$8,000 Tax Credit
2009 Stimulus Package

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$8000 Tax Credit-Questions and Answers

1. Who is eligible to claim the tax credit? ALL first time Welcome Home Center homebuyers.

2. What is the definition of a first time homebuyer? A "first-time homebuyer" has not owned a principal residence during the three-year period prior to the purchase. If you are married, neither has owned a home in the past three years.

3. What types of homes qualify for the tax credit? ANY WELCOME HOME CENTER Home you purchase (singlewide, sectional, or modular home) will qualify: provided it's your principal residence.

4. Are there any income limits to determine who is eligible to take the tax credit? Yes. Homebuyers who file their taxes as single or head-of-household taxpayers can claim the credit if their modified adjusted gross income (MAGI) is less than $75,000. For married taxpayers filing a joint tax return, the MAGI limit is $150,000. The limit is based on the buyer's modified adjusted gross income for the year that the house in purchased.

5. What is the "modified adjusted gross income"? The MAGI is defined by the IRS. Check with your tax advisor.

6. If my modified adjusted gross income (MAGI) is above the limit, can I qualify? It depends on your income. Partial credits are available for some taxpayers. You should always consult your tax advisor for information relating to your specific circumstances.

7. Is the maximum credit 10% or $8,000? The tax credit is equal to 10% of the purchase price, but the maximum credit is $8,000. Example: $5,000 on a $50,000 home, $8,000 on an $80,000 home, $8,000 on a $100,000 home, etc.

8. Does the credit have to be paid back to the government? NO, as long as you remain in the home for 3 years.

More detailed information can be found at:
Tax Credit