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First-time homebuyer tax credit, income limits

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Is there any regional variation in the income limits to be eligible for the federal $8,000 tax credit? The income limits are low for San Francisco, where salaries tend to reflect the high cost of living.

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June 22 - San Francisco

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Well, at least I can use the VA loan program....the loan limit is $815K for my county right now.......sweet.

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sunnyview
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Unfortunately, no. The govt doesn't discriminate on the basis of the higher cost of living or higher salaries by area. The income limits are the same no matter where you live.

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Michael Emery, "MikeEmery"
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75k for a single person, 150k for a married couple.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

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Nicole Lindler, "NLindler"
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Nicole Lindler, "NLindler"

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75k is the cutoff to receive the full $8000. If you make between 75k-90k, the credit is reduced. Anything over that does not get the credit. However, you can get the state credit for 10k if you buy new construction.

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