does the house you are buying have to be a brand new home to be eligible?

Asked by Beth Zimmerman, Rougemont, NC Thu Feb 19, 2009

me and my fiance are looking for a house to buy. not brand new and we are wondering if we can still get the 7500 tax break when we find a house we like. and do you have to have good credit.

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Dale Austin, Agent, Indian Trail, NC
Thu Feb 19, 2009
No the house you are buying does not have to be a brand new home to be eligible for the $8000 income tax credit. But, the buyer must be a first time home buyer or have not owned a home in 3 yrs. and if you sell the home you are purchasing with this tax credit within 3 yrs. the tax credit must be paid back.
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Daniel Eberw…, Agent, Clayton, NC
Thu Feb 19, 2009
The tax break has been changed to $8000 for first time homebuyers and is no longer required to pay it back if you stay in the house for 3 years (this is how it has been explained, but since this is a tax question, you should always consult an accountant to make sure you qualify) You must purchase the house before 12/1/09 to qualify.

The house does not have to be new, it can be a resale. And the amount is $8,000 or 10%, whichever is less.

If you qualify as a 1st time homebuyer, it's important to use a lender who is familiar with all the grants and tax breaks available for 1st time homebuyers.

Feel free to contact me if you'd like a referral to a lender who can help.

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