Do not feel bab about missing the tax credit, with interest rates below 4% you are much farther ahead than the receiving 8k credit. IE a $500 principal and interest payment when the credit was available would get you a $79,105 principal amount, at today's 4% rate the same $500 gets you $104,730. So you can see you now have $25,625 more purchasing power.
There are many different 1st time buyer programs and I can put you in touch with the experts.... more
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 purchaser’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 – unless home is sold within three years, then credit recaptured on sale.
4. Eligible dates are January 1, 2009 – November 30, 2009 (program expires December 1, 2009).
5. Must be primary residence – can be single family, condo, co-op, townhouse.
6. Income limitations – 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:
2008 Tax Return;
An amended 2008 Tax Return; OR,
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