Update: Tax Credit has been Extended! New Updates Here FAQ Tax Credit
Do you qualify for the $8000 First Time Homebuyer Tax Credit in Utah?
It is not hard to qualify for the $8000 tax credit, but there are some things that you need to be aware of:
1. The purchase must be made between Jan. 1st, 2009 and Dec. 1st, 2009.
2. You must be a first time homebuyer. The definition of a first time homebuyer is not having owned a home in the last three years.
3. You must make less than $75,000 for singles or $150,000 for married couples to receive the full credit.
4. You must live in the home for at least three years or the credit may have to be paid back.
F.A.Q.
Which Properties Qualify?
Most all properties will qualify for this tax credit. It must be a primary residence and can be a single family, town home, condo, or co-ops.
Do I have to pay the tax credit back?
If you live in the home you purchased for at least three years you do not have to pay the tax credit back.
How do I receive the actual money?
Check with your tax adviser. Your tax adviser will most likely give you the IRS Form 5405 to fill out. You will receive the credit from the IRS.
What should I do if I make over the single or married income limit?
Check with your tax adviser, you may be able to get a partial credit. The tax credit phases out between $75,000 – $95,000 for singles and $150,000-$170,000 for married couples filing joint taxes.
Is there a deadline to purchase a home?
Yes, the credit is available for purchases before December 1st 2009. The actual closing will need to take place before this date.
How do I qualify for a Utah Mortgage?
To determine if you qualify, you should fill out this secure questionnaire and you will be well on your way to getting a Utah Mortgage loan.
Mike Harrison
Principal Lending Manager
Email: mike (at) firstfedmort.com
801-404-3540 Cell
888-800-1629 Toll Free
Qualify Now Online
First Federal Mortgage, Inc
Serving the Wasatch Front
