The US people can own their dream house by availing 2009 Stimulus Package. The package would help the home owners through tax credits, grants & loans. There are some points that would help you understand the benefits offered in first time home buyer grants.

Who is a First Time Home Buyer?

Any individual who does not own a primary house on his or her name for past three years or more is eligible to get the grants for the first time home buyer. In case of a couple, both the partners must not have a home in their name for last three years. The house in consideration must be located in the US and the person applying for it must be a US citizen above 18 years of age.

What must be their income limit?

In order to be eligible for the first time home buyer grants the income of the individual can not be higher than $ 75,000 and for the couple it can not be more than $ 150,000.

What are essential points to be met to get the tax benefits?

Another key point is that the house that you are buying must only be meant for the principle use. If one has got the house as a gift or as an inherited property you can not get the first time house buyer grants. Here it is important to mention that a house purchased from the family or acquaintances are also excluded from the benefits.

What is the amount of the benefits?

Depending on when you have bought the home, the amount of tax credit you are eligible for would vary. Between January 1, 2009 & December 1, 2009 the limit is up to $ 8000. From April 1, 2008 & before January 1, 2009, they now qualify for a tax credit up to $ 7,500. Unlike the 2008 tax credits, this year one does not need to pay back the amount.

How can you avail the first time house buyer grants?

To avail any or all of the tax benefits you can directly contact the FHA (Federal Housing Administration) & HUD (US Federal Housing & Urban Development Department) through their official website or the HUD counselors.