First Time Home Buyer Credit
The first thing you should know about the first time home buyer tax credit isâ€¦.always consult your tax professional to see how the credit applies to you.
Â· Â Â Â Credit is for First Time Home Buyers only---If you (and your spouse if applicable) have not owned a principal residence in the past 3 years you qualify as a first time home buyer
Â· Â Â Â You must purchase your home before Dec 1 2009 in order to receive the credit.
Â· Â Â Â The credit is 10% of the purchase price with a maximum amount of $8000.Â That means every home purchased for $80,000 or over will qualify for the full amount
Â· Â Â Â You can apply for your credit on your 2009 tax returns.
Â· Â Â Â Some states and lender are allowing you to use the tax credit for your downpayment and closing costs.Â This acts as a short term loan that is repaid when you receive your credit.Â Ask your lender if they have the capability of doing this bridge-loan.Â
For more information on this Amazing Opportunity please visit the governments website at