if you buy a house before july 2009 and you claim the first time homebuyer tax credit when do you expect to

Asked by Lindsay, Miami, FL Mon Feb 23, 2009

get the refund? Can you put that toward you down payment

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Gwenn Tanvas, Mortgage Broker Or Lender, Green Bay, WI
Tue Feb 24, 2009
Hi Lindsay - What a great question. Since the release of the new 1st time homebuyer tax credit, many questions have surfaced.

In order to help provide answers, yesterday I wrote a blog titles "21 Top Questions Answered on the $8,000 First Time Home Buyer Tax Credit" Please follow the link below as I am sure it will provide you with the qnswers to your question. Glad to help!

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Maria Ysobel…, , 08540
Mon Feb 23, 2009
Hello Lindsay,
A first time buyer, or a person who has not owned a home for over 3 years, may claim a tax credit for purchases made from Jan1 to Nov 30, 2009 of a max of $8000, or 10% of the home 's value, whichever is lower. If you purchased the home in 2009, then you may claim it when you file taxes in April 2010, Obviously, this means that you cannot use the proceeds as a down payment on the purchase of your home, Remember that there are income restrictions as well.. The good news though is that it is now a credit, instead of a low interest rate loan that was to be repaid in 15 years, as long as the home is your principal residence and you live there for 3 years or more. Thanks for asking about a most popular issue nowadays!

Shubee Ang
0 votes
Manon Mohamm…, Agent, Coral Gables, FL
Mon Feb 23, 2009
Hi Lindsay,
Thank you for your inquiry.
The tax credit will be spread out over the course of 15 years and it will appear on your tax return. First-Time home buyers are eligible, or buyers who have not owned a house the last three years. Also, it has to be your primary residence.
My name is Manon Mohammady and I am a Broker-Associate for Coldwell Banker. Please visit my web site http://www.ManonMohammady.com to learn more about me.
Please do not hesitate to contact me if I can be of assistance. Thank you.
Your real estate resource,
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