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I just got approval on a new home in Delaware. Construction begins any day. how do I get $8000

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gair0067

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6/23/09 1st time home buyer. I seem to meet all other requirements.Can I receive credit immediately? How do I apply for $8,000?
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June 23 - Lewes
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sunnyview

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No, you can't get the credit before settlement. You must close the house first and then file your taxes to claim the credit on your tax return. There is more info here and also directly from the IRS here. To claim the credit you will need to file the 5405 form with the IRS here along with your taxes. If you go with an FHA loan, you will have to prove your minimum 3.5% down payment from a source other then the credit, but I believe that you can use the credit for closing costs. You can read more about that here. FHA loans can be more expensive, so it may not be worth it if you can use a cheaper loan product and wait to file your tax return. Hope the links help.
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June 24
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gair0067

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I am expecting to go to settlement the end of August. So can I get the credit before settlement? I have already been fully approved to forego the construction.The square footage is less than 2,000 sq. ft. So I do not think it will take beyond August. The builders say they may have it done sooner than later.
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June 24
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BMFPitt

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If you actually believe the 12/1 deadline, you better have a fast builder.
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June 23
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Roberto Ribas, "azrob"

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that is in the form of a bridge loan, from another party such as city/county... The feds are not going to race out and give this person 8k just because they signed a contract to buy a home, and put down a deposit. You have to actually close on the home, and with a new build, as implied above, depending on timing, there is a fair possibility the home is not sold before december 1.
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June 23
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dazer1virginia

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I read that you can use the money for closing costs, so I think there are other ways to get it, wouldn't you think?
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June 23
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Roberto Ribas, "azrob"

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good grief!

EVERY newspaper in the US has had an article on this, which spells out the guidelines. You'd think a potential homeowner would be able to use google, and read, but nevertheless, here is your answer:

NO.

1. You have to buy the home as in take ownership of it before Dec 1. If you actually close on the home after that you don't get the credit, as presently written.  When is your home supposed to be finished?


2. Its a tax credit. As in when you file your taxes you get the credit. Now, some people reduce their withholdings early, in anticipation of the credit, but if you choose to do this, and your builder ends up delaying your home past dec 1, or for any other reason you don't end up closing this transaction by that deadline,  you will wind up with a huge tax liability, and possibly some penalties.
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June 23
 

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Question I just got approval on a new home in Delaware. Construction begins any day. how do I get $8000
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  • June 24
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