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The 2009 Stimulus Package announced by President Barack Obama' Federal Government has brought special tax rebate and grants for the first time home buyers. The key is the right knowledge regarding rebate on tax and acting at the right time.

Here are some tips that would help you claim your tax rebate:

· You have to fill in the form for online on the FHA (Federal Housing Administration) & HUD (US Federal Housing & Urban Development Department) website to claim tax rebate

· The ones who have bought the home between January 1, 2009 & December 1, 2009, you can apply for tax credit up to $ 8000.

· In case you have purchased the home between April 1, 2009 & January 1, 2009, you are eligible for the tax rebate up to $ 7500.

· Unlike the year 2008, this year the tax credits do not have to be repaid to the authorities.

· If you are single, to get the tax rebate your income must be below or equal to $ 75,000 per annum.

· In case of a couple the per annum income must not be more than $ 150,000.

· The house you are considering must be in US.

· Here we are not literally talking about the first time buyers. Actually the US Federal Government law defines the 'first time' clause as follows: 'One or both the persons (in case of a couple) must not have a principle home ownership in their name since three years or more.'

· The house you are buying must be for residential use and not for commercial purpose

· In case you have got the house in inheritance or as a gift, you are not eligible for this benefit.

· If you are purchasing the home from someone within the family or acquaintances you cannot get this tax rebate benefit.

To know more about Tax Rebate Programs and to check if you qualify Click Here --> President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.