I will be hosting a First time home buyer seminar on March 12th from 6-8 and March 14th from 12-2. I iwll be answering questions on the tax credit and just about every other question a First time home buyer would have. You can email me at JMan@JManSells.com for more information.
Unfortunately this credit does only apply to the First time home buyer (one who hasn't owned a home in the past 3 years) of a Single Family Residence, or condo, etc. The package does not include the provision for a double or more unit. Unfortunately it wouldn't work in this situation ... but regardless this is probably one of the best times to buy in history.
Home prices are low, mortgage rates are amoung the lowest we've seen in over 50 years, there's the tax credit for those that it applies to, and sellers are anxious to make it work and get their home changed to pending and ultimately closed. There are terrific deals out there and they are everywhere.
If you'd like to discuss it further ... I'd be happy to talk to you about it -- you can reach me via e-mail or phone at your convienence.
Thanks for the question ... it's one that many people have!
I think that the credit is to be only applied to a single family home, condo, or townhouse. I will be learning much more about the situation tomorrow, as I am attending a meeting on the subject. I will attach a quote from an email I recieved about the matter. This quote shows the criteria that must be met to recieve the credit.
"FIRST-TIME HOMEBUYER TAX CREDIT
1. To qualify, purchaser (and purchaserâ€™s spouse) may not have owned a principal residence in the three years previous to purchase.
2. Maximum credit amount increased to $8,000 (or 10% of cost of home, whichever is less).
3. No repayment requirement â€“ unless home is sold within three years, then credit recaptured on sale.
4. Eligible dates are January 1, 2009 â€“ November 30, 2009 (program expires December 1, 2009).
5. Must be primary residence â€“ can be single family, condo, co-op, townhouse.
6. Income limitations â€“ full credit available with adjusted gross income of no more than $75,000 (individual)/$150,000 (joint); phase-out above those caps.
7. Can be claimed on:
ïƒ˜ 2008 Tax Return;
ïƒ˜ An amended 2008 Tax Return; OR,
ïƒ˜ 2009 Tax Return.
This is what I know at the moment. As I said I will know a bit more tomorrow. If you would like feel free to give me a call or email me and I will help you figure it all out and get you into a home that works for you.
Talk to you soon,
LSP for Nothnagle Realtors