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IRS Forms available here to claim the First-Time Homebuyer Tax Credit, plus additional information on eligibility, amounts and repayment criteria.

Also FHA just announced increase in the FHA mortgage limties to $365,000 for the metro counties only.  We have a complete list of the limits fo the other counties in the state and their limits.

Many have already heard of the $7500 tax credit for first time buyers. With the new administration comes a new economic stimulus package. Part of which includes an enhanced first time home buyer tax credit.

The bill is currently working through congress already passed by the House and the final Senate vote is expected this evening. The bill will probably be on Obama’s desk on Monday, Presidents Day.

Some of the new provisions for the first time home buyer tax credit are outline below:

• Tax credit will be 10% of home value up to $80,000
• No payback
• Must be repaid if residence sells with 3yrs
• Property purchased by first time buyer must be primary residence
• Property must be purchase between January 1 and September 1, 2009
• Income eligibility phase out begins for couples at $150,000 and for a single person at $75,000

Once the stimulus package if fully approved the website will be updated with additional information for the enhanced first time home buyer tax credit.