Applying for $8,000 tax credit

• Single buyers should have an income less than $95,000 and married buyers should have an income less than $170,000 to be eligible. For full tax credit single buyers should have an income less than $75,000 and married buyers should have an income less than $150,000. Others can apply for reduced tax credit.

• Tax credit incentive is for first time home buyers only. People who have not owned a primary residence for the past 3 years are also considered as first time home buyers.

• 10% of the purchasing amount of the home is provided as credit which cannot exceed $8,000. This money can be used for down payment for buying a home.

• All types of homes including single family homes, condominium units and also manufactured homes are eligible but they should be used for primary residence.

• Closing date should be after January 1, 2009 and before December 1, 2009 to be eligible for full tax credit.