| With the US government trying to boost real estate | | | | property which are priced as low as half of the |
| sales through tax credit foreclosures, there has never | | | | market value a home buyer can actually get a deal at |
| been a better opportunity for buying a property. So if | | | | an unimaginable bargain price. |
| you are a first time home buyer taking advantage of | | | | Important eligibility criteria |
| the ongoing housing tax credit s the smartest move | | | | But before you apply for the purchase of a foreclosed |
| you can ever make. | | | | property there are some important guidelines that you |
| The American Recovery and Reinvestment Act has | | | | must pay attention to in order to qualify for tax credit |
| provided a great opportunity to prospective home | | | | foreclosures: |
| buyers to fulfill their dreams of owning a home at highly | | | | - Credit amount - The credit is calculated as 10 percent |
| reduced and affordable rates with the help of a tax | | | | of the home's purchase price up to a maximum of |
| credit which can help supplement a considerable | | | | $8,000. |
| amount of the property price. | | | | - Eligibility - Only first time home buyers home buyers |
| Benefits of applying for Tax credit foreclosures | | | | are eligible for the credit. If you are single with an |
| - With the opportunity of credit benefits of up to $ | | | | income of $75,000 or married with a combined income |
| 8000 offered by the US government for buying | | | | of $150,000 or less, you qualify for the full $8,000 credit. |
| foreclosed properties first time buyers need have the | | | | - Income limit -Single taxpayers having an income limit |
| best option of affordable housing at highly reduced | | | | of $75,000 and married taxpayers filing a joint return of |
| prices. | | | | $150,000 or lower are eligible for this credit. |
| - By taking advantage and qualifying for tax credit | | | | - Modified Adjusted Gross Income (MAGI) - In the |
| foreclosures you can even manage to make a down | | | | case of home buyers with a modified adjusted gross |
| payment on the foreclosed property with the credit | | | | income (MAGI) of more than $75,000, and married |
| amount. | | | | home buyers of more than $150,000 the tax credit is |
| - When you combine the additional tax savings along | | | | still applicable but is reduced. |
| with the savings incurred on buying a foreclosed | | | | |