Best confer with mortgage broker or CPA who can detail loan answer all your questions where you can qualify for $8K tax credit.

Are you aware you receive annual tax benefits whlle you own any home

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I believe that you can qualify, the qualification is not always the full $8,000 it has alot to do with your income, check with your accountant he/she would be able to tell you for sure. You might also consider asking about he additional $1500 credit for first time homebuyers that is a credit not to be given back in monies but a $1500 credit. I am assuming your a first time homebuyer only because you have said you want to apply for the $8,000 tax credit - both are only geared toward first time homebuyres. If you need the acutal write ups on this I can forward them to you through email my personal one is lleib@optonline.net. Good Luck and check with your accountant remembering that both programs are only for first time home buyers.

Hope,

Answers to the commonly asked questions about the the tax credit program can be found on the following website:

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

If you are a first time buyer (not having mortgage interest or property taxes on your last three tax returns), and this will be your primary residence, you should be able to qualify for this credit. I have all cash buyers that will qualify. Check with your accountant to be sure you meet all the criteria. You must close prior to December 1, 2009, to qualify. November 30 is the Monday after the 4 day Thanksgiving holiday, so if you don't close before the holiday- you're toast!

Carol Bromm, SRES, CBR
Licensed Associate Broker
Prudential Douglas Elliman
631 860-1312