First-Time Homebuyers: Now’s the Time
The opportunity of a lifetime is at hand – right now. Plenty of homes are available at affordable prices. Interest rates remain low.
And to sweeten the pot, there’s the U.S. tax credit – up to $8,000 for qualified first-time buyers whose income is within IRS-established limits. This is money that never has to be repaid, provided you live in the home for three years.
Facts About the First-Time Homebuyer Credit:
You are considered a first-time buyer if neither you nor your spouse has owned a principle residence in the U.S. within the last three years.
You must close on your home purchase no later than Nov. 30, 2009.
There is no minimum income for claiming the credit. You can receive the full credit even if you won’t owe any taxes for 2009.
You can claim the credit when you file your 2009 tax return – or, if you’d rather not wait, file an amended 2008 return and receive the money upon purchasing your home. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.
Find out more about this FHA program