Here are some eligibility conditions declared by the Federal Government to avail the home buyer tax credit:

. Firstly you must be a citizen of US.

. You must be above 18 years of age.

. The house you are looking for must be in US.

. The house must be for your principle use only.

. The house in consideration must not be a gift or an inherited property. Otherwise you would be deprived of the accessibility to the tax credit.

. The annual income of a single person must be below or equal to $ 75,000.

. For couples income has to be less than $ 150,000.

Here are some benefits that this first time home buyer tax credit offers you:

. Unlike the tax credit of the year 2008, the person dos not need to pay it back.

. The house must be bought between January 1, 2009 & December 1, 2009. These dates should not be considered as the dates of moving in as these are the dates of purchasing. Here it can go up to $ 8,000.

. People who have bought their first home and it is their principal residence on or after April 1, 2008 & before January 1, 2009, now qualify for up to $ 7,500 of tax credit.

. People can directly contact the HUD (US Federal Housing & Urban Development Department) & the FHA (Federal Housing Administration) through their official website in order to avail the first time home buyer tax credit.