$8,000 First-Time Home Buyer Tax Credit at a glance
- How is the tax credit derived?
10% of the purchase price up to $80,000
- When does one have to purchase in order to qualify?
(Jan 1st – Nov 30th ’09)
- Does the tax credit require repayment?
It depends… if you keep your home for more than 3 years it is forgiven
- Is the tax credit exclusive?
Yes… first-time home buyers only (IRS Definition: one who has not owned a principal residence within the last 3 years
- Are there income limitations?
Yes… single purchaser – income not to exceed $75,000, joint purchasers – combined income not to exceed $150,000
- Can I claim the credit on my 2008 taxes?
Yes… be sure to speak with your tax preparer for specific questions
- Can I use this credit towards my downpayment?
Yes… contact us today for more information on lenders in our network with guidelines that allow this!