To most people, this $8,000 tax credit is too good to be true.  And many people have just so many questions and concerns regarding it.

When you purchase a new home that is under 80,000, you are eligible to receive ten percent back for the purchase price of the new home.  $8,000 is the maximum amount of credit and if its lower than this amount, you can also earn ten per cent of the purchase price from there.

If you’re single, you are eligible to earn up to $75,000.  But if you are married, you can earn up to $150,000.  If you’re single and earning more than $75,000 the credit amount goes down til it finally reaches nothing at $95,000.  If you’re married and you are making over $150,000, credit turns into nothing at $170,000.

You need to first close your home and file a form with IRS to get this credit.  Either do this on the next tax return or file an amended return on your taxes 2008 and get the checks within few weeks. All documents and closing your home must be dated before December 1 for the deadline is November 30. Usually, it takes thirty days to close on home once you have find one. Also, you don’t know how long will it take for you to find another home.