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Sacramento, CA
Not much time is left for First Time Home Buyers to take advantage of the $8,000 tax credit. The clock is ticking.
As of today, August 17, 2009 First Time Home Buyers have 105 days until the 1st Time Homebuyer tax credit ends.
This is like money falling from the sky and many of my first time home buyers have been lucky enough to have taken advantage of this.
Click if you are one of the lucky First Time Home Buyers who needs the First Time Homebuyer tax credit form 5405.
With anything there are rules,and this home buyer tax credit is no exception. Let’s go over the rules for the 1st Time Home Buyer Tax Credit and see if you qualify.
1. This tax credit is for 1st Time Home Buyers…who is a First Time Home Buyer?
Anyone who has NOT owned a house in the past 3 years
2. The house you buy MUST be your primary residence…what is a primary residence?
The place you live most of the time and where your bills typically are mailed.
3. Can I use the $8,000 tax credit as my downpayment on a house or condo?
No, you must have 3.5% of what you are paying for the house as your downpayment. You can use the $8,000 toward your closing costs and you can add it to the 3.5 % money that you already put down on the house or condo.
The tax credit does not have to be repaid as long as you live in the house or condo you buy as your primary residence for 36 months.
There are income restrictions so it is always best to contact your tax consultant and ask if your income would qualify for the 1st Time Home Buyer tax credit.
For more information from a reputable safe site please read HUD’s explanation when using tax credits as a 1st Time Homebuyer.
Considering how long it takes to close on a Short Sale and as a Short Sale agent, I recommend you don’t delay or you may not be able to use this $8,000 tax credit in time. With most of the listings on MLS being Short Sales, you really don’t want to put off getting your first home or condo.
We don’t know if the $8,000 tax credit will be extended at this point so give your Realtor a call and get started finding your first home or condo so that you can take advantage of your own little stimulus package!
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