1st time Home Buyer's TAX CREDIT info

Posted By Mallory Desimone @ Feb 8th 2010 1:17pm In: Financial Blogs

Alot of people are wondering "What is this 1st time Home Buyer's Tax Credit and can I get it"? Well, here are some valuable tips and information about this tax credit that everyone seems to be wondering about...

For the First Time Home Buyer who closed before November 6, 2009:

You are eligible for the $7,500 tax credit. You will have to pay this back, interest free, over the next 15 years. If you move within the next 15 years, you owe the balance on the day you move.

For the First Time Home Buyers who closed after November 6, 2009 & had contract signed by April 30, 2010 (must close by June 30, 2010):

YES!! You are eligible for the $8,000 Tax credit. As long as you stay in your house for the next 3 years, you will not have to pay any of this tax credit back to the government. This is also known as "FREE MONEY"! And we all know, free money is the best kind of money! There are Military exceptions to this.

Here are some extra notes to First Time Home buyers:

*It does not matter who is on the loan, as long as the first time homebuyer is not a dependant on the purchasers returns & is listed on the title, the resident can claim the tax credit. The purchasers cannot.

To Existing Homeowners who closed after Nov. 6, 2009 to June 30, 2010:

You are eligible for a $6,500 tax credit that you will not have to pay back if you stay in your new home for 3 years. You will qualify if you have lived in your hour house for 5 consecutive years out of the last 8 years. (Must be 5 years or more, there are NO exceptions!)

For much more info, facts, and questions about the tax credit, please CLICK HERE. You'll find all the information you need brought to you by the National Association of Home Builders. And as always, feel free to call our office @ 843.375.2075 and speak with an agent who will answer any other questions you might have about your home buying or selling needs!

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