As people begin to unravel all the details of the new stimulus package, they might notice that there is a whopping $15,000.00 tax break for those who meet the qualifications of first-time homebuyers. This money will be directly added as a tax credit and could save many people a lot of money in the coming year.

There are a lot of specifications in order to be eligible for this credit. Some of these have to do with the time and conditions of purchase while others deal with the income of the buyer.

Only homes purchased from January 1, 2009 to December 1, 2009 are considered. The government definition of a first-time buyer is one who has not purchased or owned their own residence for three years prior to making this purchase. In addition, you must stay in the home for three years after you buy it.

You will receive up to 10% of the purchased price with a cap of $8,000.00. When you add this to the credit of $7,500.00 for homes purchased after April 9, 2008 and prior to July 1, 2009, you can see how this might make it an ideal time to buy a home.

Your income must also meet certain requirements. In order to fully qualify, you must have a modified adjusted gross income or MAGI, of under $95,000.00. Those who file jointly as a married couple may earn up to $170,000.00

With all of the extra tax benefits to be had, you should time your purchase so that you can take the maximum advantage of these breaks. Your dream home may be closer than you think of finally owning your own home.