According to the NAHB, 40% of all house buyers are first time buyers. The first time home buyer is seen as the key to restoring the housing market. This is generally because the first time home buyer does not have to unload a home before they are able to buy a new one.
Focusing the incentives on the first time home buyer now can help to stimulate the industry enough to make it a prime industry for all once again and eventually help stimulate and restore the economy on the whole.
Individuals looking to qualify for the tax credit can have an adjusted income of up to $75,000 a year or a combined adjusted income of up to $150,000 a year for married couples filing jointly.
Under the law a person must not have owned a home in the last 3 years to qualify as a first time home buyer. Additionally, the home purchased must close between April 8, 2008 and July 1, 2009 to qualify for the credit.
The individuals who qualify for the tax credit will be matched by Pulte Homes in a discount when they purchase a Pulte home. This may just steady the nerves of the apprehensive first time home buyer who is ready to buy that first home.