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Diegocentric

San Diego Real Estate, Community and Lifestyle

By Christa Borellini | Agent in San Diego, CA

Don't Miss Out...First Time Home Buyers Credit is Going, Going and Almost Gone

First Time Home Buyer Credit

The first thing you should know about the first time home buyer tax credit is….always consult your tax professional to see how the credit applies to you.

Fast Facts

·     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

·     You must purchase your home before Dec 1 2009 in order to receive the credit.

·     The credit is 10% of the purchase price with a maximum amount of $8000.  That means every home purchased for $80,000 or over will qualify for the full amount

·     You can apply for your credit on your 2009 tax returns.

·     Some states and lender are allowing you to use the tax credit for your downpayment and closing costs.  This acts as a short term loan that is repaid when you receive your credit.  Ask your lender if they have the capability of doing this bridge-loan. 

For more information on this Amazing Opportunity please visit the governments website at

http://www.federalhousingtaxcredit.com/2009/faq.php#2

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