New $6,500 Tax Credit
The new property owner tax credit is for people who have lived in their home for the last 5 years. The credit is for 10% of the purchse price of your new home. Example: Buy a $225,000 home and get a $2,250 credit. The credit will be in the form of a check from your tax return.
First time buyer tax credits are for 10% on the purchse price. $8,000 is the maximum a buyer can receive. The maximum income amount is $125,000 for single people and $250,000 for married couples.