What are the requirements for the home?
- The credit is equal to 10 percent of the home purchase price, up to a limit of $6,500.
- The purchase price is generally your down payment, if any, plus your mortgage.
- A mortgage can be a first or second mortgage or notes you gave the seller in payment.
- The credit does not apply to any home purchased for $800,000 or more.
- The home can be a house, a condo, co-op, house trailer or houseboat, within the United States.
- Vacation and rental homes are not eligible.
- If you currently own a home, you do not have to sell it in order to qualify for the credit. Simply use the home you purchase as your principal residence.
Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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