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Intelligence is humming about the extension on the $8,000 homebuyer tax credit, but many are still left questioning, what exactly is the definition of a first-time homebuyer?

The tax credit extends to a person 18 or older who does not have someone else taking them as a dependent. The property must be the original principle home – of any kind – for a individual who has not owned any other principle home in the past three years prior to the purchase.

For married couples, this employs to each spouse and a background check into the matter will be performed. If either of you have possessed a principle home in the prior three years earlier the purchase, then neither of you are suitable for the tax credit.

Nonetheless, if you are an unmarried couple that lives together and one of you have owned a principle abode in the past three years, the other individual is still suitable. The ownership of a rental property or a vacation home, which is not used as a principle abode, still causes the homebuyer entitled for the tax credit.

In the end, the supreme tax credit will equal out to ten percent of the home’s purchase price, with a upper limit credit of $8,000.

Those individuals who earn more than $125,000 net income a year are not pensionable for the tax credit. Likewise, couples who earn a total net income of $225,000 or more a year is also not eligible for the credit.

More principles and stipulations can be found by searching for federal housing tax credit.
After everything is said and all over, one affair is for sure: Many real estate brokers and housing experts are seeing 2009 to be the year to buy property. Many purport 2009 to be the year that homebuyers will repent not purchasing property. There are driven sellers on the marketplace nowadays, looking to get out of an tough financial place. There are a lot of short sales on the market and foreclosures, which means that vendees can actually find a good buy.

If you are looking for apartments, rent. Chicago has a lot of options to choose from in all kinds of neighborhoods to match whatever your personality type is.

If you rent apartments, Chicago has a lot of laws that protect the renter and make it hard for the landlord to keep your security deposit.

If you have a large budget when it comes to renting apartments, Gold Coast neighborhood is probably the place for you. The Gold Coast area is where the rich of Chicago live. Celebrities are known to own houses there and the cost of living is very high. Although the space is small and the houses are not mansions, they still sell for well into the millions of dollar range.

Or you can check out the apartments for rent on Michigan Avenue. There, you will find all the best shopping and latest trends. The street is lined with high-end designers, but it still has a lot of shopping centers and malls with more affordable merchandise.

There are plenty restaurants and café along the street and Rush Street is not too far away. Rush Street is where all the hottest clubs and bars are located. Celebrities frequent these spots and, although the cover may be costly, you are sure to be in for a great time.

If you settle on an apartment towards the south end of Michigan Avenue, you may be only streets away from Millennium Park and Navy Pier- both are huge tourist attractions and make for a wonderful day activity with one’s family or friends.

In the summer, the one-of-a-kind interactive tower art piece at Millennium Park spits out water and kids get soaked while playing in it. Navy Pier has a one hundred and fifty foot Ferris Wheel and the beautiful Crystal Gardens, which is where you can see exotic plants and trees even in the depths of winter. You can also take a boat tour and learn about the city’s known architecture, voted the best tour in the city!