The credit amount for first-time homebuyers is 10 percent of the home’s purchase price with a maximum amount of $8,000.00.
A first time homebuyer is defined by the IRS as anyone who has not owned a principal residence in the past three years.
In addition, repeat homebuyers may be eligible for a $6,500 credit, as long as they have owned and lived in their current residence at least five consecutive years out of the past eight years and relocate to the new home making it their primary residence.
The income limits for both first-time homebuyers and repeat homebuyers is $125,000.00 for individuals and $225,000.00 for married couples.
The tax credit is available on primary residences priced at $800,000.00 or less.
Vacation or investment properties are not eligible.
More information about the tax credit is available on the Gulf Region Properties Website Tax Credit Page.
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