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Woud the $8000 tax credit still be used for a first time home buyer?

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macy08

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We are looking for a home to rent or buy, want to look at our options. We have no home to sell, but would be a first time home buyer. How would the $8000 tax credit be used toward this home on Rocky Hill. Thank you.
lifefriendshorses@yahoo.com
Question refers to 428 Rocky Hill Dr, Exeter, CA 93221
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November 17 2009 - Exeter
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Anthony Ebright, "anthonyebright"

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Macy08, looks like you got several good answers already. I would just add that you should consult a tax accountant to see exactly what you need to fill out with the IRS to get your credit.
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November 20 2009
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Martha Salinas, "martha58"

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Hello macy08, You must be under contract by April 30th 2010 and have closed by June 30th 2010. The tax credit is 10 percent of the purchase price for a maximum of 8k, Also for fisrt time home buyers exist a program available that allow to get up to 99.5% finance.  


Greatest Southern California Realty Corp.
Martha Salinas
Realtor
Loans@dynamicorp.net 
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November 19 2009
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Deborah Miller, "youragentdeborah"

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Hello macy08 your first responder (Mike Emery) provided you with good information, but I would like to add there are income limits (part of the qualify) (125,000 single/ 225,000 couple).  If you are low income (usually 30,000 or 54,000 couple)  with a dependent(s) you may also find value in checking with your city to see if there are any "special first time home owner programs" that you can apply to on top of this .  For example, I have a listing that would be eligible for a 2% loan for a portion of the loan which will be helpful for my buyer should they qualify.  

I am a licensed NC Real Estate Professional, so you are not in my area, however I did want to add this just to help you.  So if you fit this criteria make sure you select a lender who has this knowledge.

If you find yourself or friends in NC, I am in the Raleigh/Durham Triangle Area.

The best in finding your new home and a local buyer's agent that will help you every step of the way!

Deborah Miller, Broker, Consultant
Coldwell Banker Howard Perry & Walston - Southpoint
Durham, NC
YourAgentDeborah.com
DeborahMiller@hpw.com
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November 18 2009
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Michael Emery, "MikeEmery"

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As long as you qualify for the 8k tax credit you could receive the tax credit by buying this or any house. You must be under contract by April 30th 2010 and have closed by June 30th 2010. The tax credit is 10 percent of the purchase price for a maximum of 8k
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November 17 2009
 

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