Here are the guidelines for using the $8,000 tax credit for Virginia FHA first time homebuyers.
Qualifications to receive the $8,000 tax credit:
- A first time homebuyer ( not owned a property in the previous 3 years)
- Your income doesn’t exceed $75,000 for single borrower and $150,000 for joint borrowers
- You must be a US Citizen
The benefit is that you do NOT have to pay it back – basically it is a gift to you as long as long as you own the property for at least 3 years.
Make sure you fill out the 5405 IRS First Time Homebuyer Credit Form and submit with your tax returns.
Now is a great time to get qualified with your lender and take advantage of the $8,000 tax credit for Virginia FHA First Time Homebuyers!
Naoma Doriguzzi
New American Mortgage
(757) 971-2876
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