Owning a home is one of the most amazing experiences for any person. It culminates the American experience. People work very hard to be able to say they have their own piece of property. For many though coming up with the money to make owning a home a possibility can be very hard. However, now that is no longer the case with help from President Obama. With the new stimulus package that includes benefits for first time homebuyers there is definitely money and assistance to help any person wanting to embark on homeownership.

With the recent stimulus package anyone looking to purchase a home has a significant incentive to become a first time homeowner. Anyone who has not owned a home within the last three years is eligible for the first time home buyer tax credit. Under this plan any first time homebuyers can qualify for a tax credit for up to $8000 and this does not have to be repaid. There are income requirements for anyone interested in taking advantage of this tax credit. Single people cannot make more than $75,000 a year and married people cannot earn more than $150,000. Even if you do earn more than these amounts you can still qualify for a reduced tax credit.

There are stipulations for those interested in this tax credit. First, the home being purchased must be a primary residence meaning this is the home you and/or your family will be living in on a regular basis. This tax credit cannot be used to purchase homes for business purposes such as investing in rental properties. Second, you cannot own a home within the past three years that is your primary residence so those looking to purchase a second home are ineligible. Lastly, when purchasing the home you must agree to remain in the home for at least three years before selling. These are the basic stipulations in regards to the first time homebuyer tax credit.

With the help of the stimulus package and the homebuyer tax credit many people have the opportunity to stop renting and finally own a home of their own.