Obama’s first-time home buyer program is called the Home Buyer Assistance and Improvement Act of 2010, according to the New York Times. This law seeks to bolster the housing sector by providing credit assistance for first-time home buyers. This credit assistance is subject to several qualifications.
Signed by President Obama in July 2, 2010, this law provides credit of up to $8,000 for first-time buyers for as long as the purchase price of the house does not exceed $800,000. The law also stipulates that the homebuyer’s adjusted gross income should be less than $225,000 for joint income tax filers and $125,000 for singles. According to the IRS, this credit can either reduce the tax bill or increase the refund of a first-time homebuyer.