Phone
(800) 973-1540

Do I qualify for govermnent stimulus offers for buying a house?

A fellow caregiver asked...

It is my understanding that the government will give anyone who has not purchased a house in three years or more a certain amount to stimulate the growth of the housing industry. I am getting ready to buy a house --- would I qualify to get this benefit even if I am 65 years or age or more?

Often the government has a number of restrictons to qualify for the stimulus -- please advise what they might be.

Expert Answer

Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City and KRLA in Los Angeles. He is a practicing lawyer specializing in estate planning and is admitted to practice before the United States Supreme Court. He's a public speaker and commentator who has appeared on many radio and television shows throughout the country, and he's the legal editor of Talkers magazine, the preeminent trade publication of talk radio. His latest book is The Truth About Avoiding Scams.

The law to which you are referring is the first-time homebuyer tax credit that Congress established last year and was extended as a part of the Economic Stimulus Law recently passed into law.  The tax credit is a maximum of $8,000 and it is calculated by taking 10% of the purchase price of your home to a maximum credit of $8,000.  This credit applies only to homes purchased during the year 2009. 

Using logic that only a Congressman could understand, the first time homebuyer tax credit is available to anyone who has not owned a principal residence within the last three years.  There is no age qualification.  So if you meet the other qualifications, you would be eligible for this tax credit.