$8,000 First-Time Homebuyer Tax Credit. What a motivating factor for buying a home. Recently the “American Recovery and Reinvestment Act” was completed. In this Act it gave homebuyers purchasing a home after January 1, 2009 and before December 1, 2009 to receive the lesser of 10% of cost of home or $8,000 tax credit.
So what’s the big deal why going from a $7,500 tax credit on purchases after April 9, 2008 to an $8,000 tax credit for purchases from January 1, 2009 to December 1, 2009 such a big deal. The answer is that the previous $7,500 tax credit had to be paid back overtime and the new $8,000 tax credit does not have to be paid back.
So what properties are eligible? Any single family residence (including condos, co-ops, townhouses) that will be used as a principle residence.
In order to be eligible for the tax credit you have to be a First-Time homebuyer. Now just because it is for First-time homebuyers that does not mean you wouldn’t qualify. By definition a First-Time homebuyer is anyone who has not owned a principal residence in 3 years previous to purchase.
If you are looking to buy a home this year by December 1, 2009 and you plan on taking advantage of the $8,000 First time home buyer tax credit make sure you talk to a tax advisor you trust.
Andy Radke
Mortgage West
Loan Officer
Direct: 208-859-5825
LoanswithAndy@gmail.com
Top 5 Boise Idaho Mortgage Links/Articles/Questions
1. Can I use my $8,000 First-Time Home Buyer Tax Credit as a Down Payment?
2. IHFA Tax Credit 2nd Loan for First-Time Home Buyers
3. Idaho USDA Rural Development (RD) Zero Down 100% Financing loans
4. Idaho FHA 203k Streamline Home Rehab Loans
5. Idaho Housing and Finance Association Zero Down 100% Financing for First-Time Home Buyers
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