$ 8000 Refundable Tax Credit for First Time Homebuyers

131 Comments so far

1. Barbara on February 17, 2009 7:52 pm

   I was looking up my home at 129 Jasper Lane Mount Washington,Kentucky. The houses are numbered backwards or something on the map that is showing. Our house is located at Jasper/Newman Way where the back yard is the city park not other homes. You may want to check your information for the proper details. Please contact me at 502-538-7281 to resolve this matter.Its just human error but is is important to resolve this.
   Barbara

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6. $8,000 Homebuyer Tax Credit | Guilda Blog on February 19, 2009 4:52 am

   [...] Zillow reports it is a FULL $8,000 credit, even if the buyers total tax liability is less than that amount. “Buyers may not have owned a home for the past three years to qualify.” [...]

7. Brandy on February 22, 2009 5:29 pm

   I bought my house October 2008 and I get a $7,500 credit from the gov….but I have to pay it back within 15 yrs.. If I would have waited three more months to buy my house (Jan 2009) I would have received $8,000 credit from the gov…but did NOT have to pay it back. Is this right?

8. Jim White on February 22, 2009 7:19 pm

   Last years 7500 Credit is indeed a loan that has to be paid back over 15 years. $500 per year on your tax return. Not really a bad deal since it is interest free! Of course the 2009 tax credit of $8,000 is an even better deal since it does not have to be back!

9. Spencer on February 23, 2009 10:18 am

   I bought a house on December 19th of 2008. I used Mortgage revenue bonds so I get ABSOLUTELY NOTHING!!! If I had waited two weeks I would be getting $8000.

   Complete BS and anyone who says it shouldn’t be retroactive must not know what it’s like to lose $8000 dollars.

10. Ryan on February 25, 2009 4:58 pm

    If im already getting about 4000 for my federal return will the 8000 be in additiond to that? Will I get back 12000 on my return? THANKS.

11. Mark on March 9, 2009 7:36 am

    Can you receive both the 7500 credit and 8000 gift if the house was purchased in March/April 2009?

12. Linda on March 12, 2009 1:46 pm

    What if you are nelwy married and one spouse has owned a home in the past 3 years but the other has not. Do we qualify?

13. janet oddo on March 14, 2009 1:12 pm

    I agree with the writer that suggested a retroactive clause would be fair. People who purchased since the recession began should also be included in this credit. After all, these are the people who kept the faith in first time home ownership alive! These are the folks who should be rewarded for their faith in our new presidents stimulus package. Who can we voice our opinion to regarding a retroactive time period??

14. loan hoang on March 16, 2009 6:38 pm

    I never own a house before, but I married a person who owned a house. My husband and I we been residence same address for at least two and half to three years. I, myself buying a house right now. Do I qualify for the $8000 refundable tax credit?

15. Steve on March 17, 2009 3:10 pm

    I bought my first house in September of 2008. I could not afford to buy before but since the prices came down a bit I was able to get my family into a home. In the past 7 months I have seen similar homes in my area now sell for 60K less than I paid. How can I feel good knowing that someone is now buying down the street from me for 60K less and get 8K in tax credit. Since the recession started we bought homes in bad times with bad mortgage rates 6.75% compared to 5.00% now and we cannot refinanced because our homes are upside down. Where is our relief? I get a $7,500 loan that I have to pay back and others get 8K free? Because of 3 and 1/2 months? How about starting this stimulus when the recession started for those of us who did not just go buy homes and screw up the economy with things we could not afford?

16. amy on March 18, 2009 4:09 pm

    i agree with the few people before me! i purchased my first home in April ‘08 and just got my $7500 tax credit(that we have to pay back!) and now i find out that they are now changing that tax credit to $8000 and they dont have to pay it back!! hold on! wheres the fairness in that? i we that bought in ‘08 should have helped the economy also! 08 is when the recession started! i feel like the guy before me that says he now knows what it feels like to lose $8000 !!!

17. tracey on March 20, 2009 1:03 pm

    I am happy with $7500, but I don’t think I should have to pay it back. We bought our first house in Sept ‘08 because we needed to utilize a downpayment assistance program(before they no longer allowed them). If we did not have downpayment assistance we probably would never be able to buy a home as we live paycheck to paycheck; there is no way we could have waited. Besides, the real economic stimulus would for us to have the extra $500 to spend on other things rather than pay back the government!!

18. Brian on April 1, 2009 7:19 pm

    Ok… I have read all your posts complaining about the interest free $7500 loan that you have to pay back. What I want you to do is think back to the time you were informed of the $7500 with the 15 year interest free pay back. Were you happy then, did it make you smile? If so, then shut up and enjoy the $7500 INTEREST FREE loan you got from the government.

    I bought my house 9 years ago and don’t recall getting anything from the federal government. As a matter of fact, my interest rate at that time was 8.375% and I had to pony up my own 5% downpayment on the FHA loan. I have since refinanced to a 15 year at 4.25% and have made all of my payments on time… I am still not getting anything from the federal government.

    Stop complaining about the great program that you were happy to get at the time. Just because the pot is a little sweeter now doesn’t make the original program a bad thing. You are still borrowing my hard earned tax dollars on an INTEREST FREE 15 year loan.

19. steve on April 2, 2009 8:45 am

    Brian you purchased your home before housing prices were out of control. You bought a home 9 years ago when they were still affordable. You did not just see all of your down payment that you saved for years to obtain get wipped out because other people can’t pay their bills. We are in different circumstances and we are all paying tax dollars. Your home had greatly appreciated in value since you purchased. You have upside of course it is not going to bother you. And 5% back then was close to nothing. You had the benefit of gaining value, my house lost over 100K in value since my purchase which was 7 months ago now. You are not upside down even with 20% down. Your view is shortsided you benefited from your purchase while most of us who purchased last year suffer. I lost plenty more than $7,500 you did not lose anything becuase right now your home is worth a lot more than you paid for it. And you have your 4.25% rate because you could refinance because YOUR home is still worth more than what you paid. We do not have that benefit. So please spare us how much you went through.

20. tracey on April 2, 2009 9:46 am

    YES, I AM HAPPY THAT WE GOT THE $7500 CREDIT. HOWEVER, IT IS A LITTLE LIKE RUSHING TO THE GAS STATION TO FILL UP BEFORE THE $4/GALLON PRICE GOES UP;THEN THEY DROP THE PRICE AND THE GUY BEHIND YOU GETS $2/GALLON.

21. pc on April 10, 2009 1:33 pm

    what if you owned a home, name on deed but NOT the mortgage, (paid off mortgage was in my moms name)but your spouse has NOT had any mortgage loan or name on deed within the last 20 plus years, are we still eligible to buy a new different house and receive the 8,000 dollar credit?, or are we not eligible becasue of my name being on a property deed?….soemone please answer. i would appreciate it very much. This is a married couple situation, not boyfriend and girlfriend, so i know everthing is connected to a certain extent and i was wondering what the rules were for married couples when one is clearly eligible, while the other is not.
    thank you very much!!

22. pc on April 10, 2009 1:34 pm

    please answer if anyone knows the rules…thank you!!

23. Bob on April 11, 2009 6:10 pm

    I paid $500 dollars for a real dump of a mobile home one year ago. I presently live there, and pay a lot rent but no property taxes. I have not included this residence in my short form, year end tax filing. This mobile is not up to code either. Would I be eligible for the $8000 credit.

24. Max on April 13, 2009 1:17 pm

    Considering we will be pushing a multi-trillion dollar deficit in the next few years do any of you people really think it’s a reasonable thing to spend more taxpayer money to make it fair to people who purchased houses in the past when the purpose is obviously to get people to buy homes in the future?

    What about the people who purchased homes before the $7,500 interest free loan should we just give everyone in America who is underwater on their mortgage $8,000?

    At a 7% interest rate this loan is saving you over $3,000 in interest payments. This is $3,000 in real money.

    Quit whining about how your free lunch wasn’t as big as the guy’s next to you.

25. tracey on April 20, 2009 3:58 pm

    FOR PC:

    http://www.irs.gov/newsroom/article/0,,id=187935,00.html

26. adam on April 22, 2009 5:13 pm

    what if you build a new house? are you eligible?

27. Brandon on April 29, 2009 2:03 pm

    i am so pissed off i had faith in a unstable economy so now i get screwed i bought my house nov of 2008 i get none of obamas new tax credits i got screwed out of it by 2 mths this is so unfair i coud have waited but i had faith and it screwed me now i get no help what so ever thanks obama!!!

28. Brooke on May 3, 2009 11:58 am

    Brandon - I think you should be thanking Bush…he is the one that didn’t give you the tax credits you wanted. Obama had nothing to do with it in 2008…it is not his fault he came up with a better deal for first time home buyers.

    Does anyone know if this applies to a new construction?

29. Buy Home Brainerd, MN on May 4, 2009 9:38 am

    I think it’s a great idea. A lot of people in my area are going to benefit!

30. Prema on May 5, 2009 2:51 pm

    Does anyone know if this tax credit of $8000 has to paid back if I sold my house within 3 years?

31. tm on May 7, 2009 8:52 am

    I closed on my home December 29th 2008. If there were any sign that this tax credit was coming close to fruition at that time, I would have waited the 48-72 hours to close. I would receive an additional $500 and not have to pay back $7,500 over the course of 15 years ~ $42/month. I am happy with the $7500 credit that I did receive and it was the largest incentive for me to purchase a house. That being said, if there was a hint that this $8000 credit would have been introduced at that time, I would have changed the closing date to be eligible. Obama signed the $8000 tax credit on February 17th 2009. This means that this credit is retroactive to anyone who purchased a home from Jan 1st 2009 till Feb 17th 2009. I would not have any gripe about this situation if the 8000 credit was setup for a time period after the date it was implemented. Retroactive for some but not all?

    I am not using this tax credit to suppliment my monthly payment, anyone who is using the $8000 for that reason is not going to be in a good situation when the credit runs out. This will not help the housing market. I used the tax credit for a quick house rennovation before I moved in and it helped out immensely. The house did not come with appliances and I was also able to furnish reliable ones that I would have not otherwise been able to afford. The $7500 tax credit allowed me to start off in my first home without having additional debt hanging over my head from first-time homebuying necessities. This credit helps out enormously for a first-time homebuyer and is a great incentive to purchase a home. People who decide to use this credit still need to remember to buy a house within their budget and not rely on this money to keep them afloat. Good luck to anyone who decides to purchase a home and enjoy the $8000 incentive!!!

32. cabjng on May 10, 2009 1:10 pm

    I have a home in my name but I have never lived in it. I have never had a mortgage either. Would I qualify for the 8k credit?

33. Stacy on May 11, 2009 5:22 pm

    My husband and I bought our first home in June 2008. We had our taxes filed by H&R Block. We had no idea at the time that we could recieve a tax credit and the tax guy failed to tell us about it either. My question is: Could we still be eligable for the 7,500 or are we screwed out of that money?

34. JJ on May 14, 2009 5:43 pm

    It’s really amazing how stupid you people are. You don’t even know about filing taxes and ammending them or any of this simple stuff. Well actually wait, no it’s not amazing at all. That’s why this great country is now ruined. Wake up you idiots.

35. Ann on May 29, 2009 7:48 am

    CNBC just announced this morning that the $8,000 tax credit will be available at closing, for FHA first time buyers only. That means that these buyers will not have to wait until they file or amend their taxes to receive the tax credit.

    The short announcement said further, that the tax credit money cannot be used for the FHA required 3.5% down payment FHA purchases.

36. Kim on June 2, 2009 12:38 pm

    How do I find out what partial credit we might receive if we make over 150K - as stated above “Higher-income buyers may receive a partial credit”? We live in a high “cost of living” area where you can’t even buy a starter home for less than 600K in a good neighborhood.

37. will on June 2, 2009 4:38 pm

    im a military and i just bought a house 3 weeks ago… my ? is can i get the 8000 this year or im gonna have to wait until 2010 when i do 2009 taxes?

38. Jessica on June 5, 2009 8:07 am

    does anyone know if you still get the 8,000 credit if you BUILT the home between Feb. and Sept? Or do you have to BUY a home that has already been built?

39. Danielle on June 15, 2009 8:43 am

    What is the scenario for a couple who was unmarried at the time when she purchased a condo and only her name was on the house. He was not on the deed or the loan. Since that time the couple has sold the condo and purchased their first home together? His name is the only name on the deed, as he is a first time home buyer. Does he qualify for the 8,000 dollars, or some money?

40. Drew on June 18, 2009 9:46 am

    To those of you asking about the scenario where a person that has never owned a home marries someone who already owns a home, here is the bad news:

    S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?

    A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer’s spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.

    Source: http://www.irs.gov/newsroom/article/0,,id=206294,00.html

    Bummer.

41. Shannon on June 21, 2009 3:42 pm

    We are a Navy family and we will be transferred to the next duty station b4 three years. So does that disqualify us?

42. Maria on June 22, 2009 8:59 am

    Does anyone know if I purchase a multi-family and will be living in it, if I will qualify for this tax credit? The law doesn’t specifically state anything about multi-family houses.

43. mai on June 24, 2009 7:33 pm

    I heard you don’t get the full 8000.00? Is that true? You only get 10% of what you purchase your home for. Is that true too?

44. Mike on June 25, 2009 4:16 pm

    Dumb 8k Tax credit is the only thing keeping prices afloat in my area. I am looking to buy a home for the first time, and suddenly everyone wants the 8k bumping up home prices. This blows, can’t wait until Dec 1st, thats when the real deals will start coming through. The government can keep their 8k, I want a house at a reasonable price, not some inflated price. Oh and everyone complaining about 7500 in 2008, do some research before buying a home. Just because prices were low compared to all time highs in 2006, does not mean it was the right time to buy. Don’t blame the government, blame yourself for not doing your research. Realestate will continue to decline in the next few years, anyone who buys now will lose in the short term. The important thing is that you are comfortable with your payment, and you can see yourself paying that property off in the amount of years you sign up for.

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46. Brandon T on July 9, 2009 12:00 am

    Has anyone heard rumors that they will extend this 8k credit to 2010 or change to any type of new stimulus plan like this next year?
    Thx.

47. Darell on July 9, 2009 10:03 am

    I’m Confused, I talked to my real astate agent when looking at this house for $60,000. She said that I would qualify for the $8000 tax credit. Is she correct or would I qualify for a $6000 tax credit instead?

48. Joe on July 9, 2009 10:31 am

    If a military member purchases a home, qualifies for the $8K credit and then gets orders to move to a new station with 36 months of the purchace; does the military member need to pay back the credit?

49. Traci on July 9, 2009 11:46 am

    I read that it is only 10% of the purchase price also.

    This is where I found some 411:
    http://www.federalhousingtaxcredit.com/2009/faq.php#3

50. Eduardo Flores on July 13, 2009 10:40 am

    This will help to aswer some of the questions…

    For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

51. Robert L. Ross on July 21, 2009 9:59 am

    We are a retired couple and are, at present, RENTERS. We last owned a home in January, 2005, which puts us in the correct “First Time Home Buyers” category, we believe. We would like to purchase a Class A Motorhome as our ONLY home and travel around the US for about three years. Since the motorhome qualifies as a “mortage” for income tax purposes, does it also qualify for the $8000 program?

52. Jennifer on July 23, 2009 5:27 am

    My husband and I are buying our first home, he is in the military, so my question is if we get orders and have to sell our house before the 3yrs is up do we pay the money back or is there a military clause to cover that???

53. David on July 23, 2009 11:53 am

    Regarding military personnel, there is currently no exception for members of the armed forces who are required to sell their home within 36 months. The tax must be repaid upon sale of the home, but such repayment is limited to the amount of capital gain on the sale (if sold to an unrelated party). There have been other bills introduced, though, such as the Service Members Home Ownership Act of 2009, that would expand or extend certain rights for service members.

54. David on July 23, 2009 11:57 am

    It is not necessary to purchase a standard detached home to qualify for the credit. According to Form 5405, the form used to apply for the First-Time Homebuyer Credit, your “main home” is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condo, or other type of residence.

55. David on July 23, 2009 12:03 pm

    “Does anyone know if I purchase a multi-family and will be living in it, if I will qualify for this tax credit? The law doesn’t specifically state anything about multi-family houses.”

    No, but Sec. 36(c)(2) of the Code does state that the term “principal residence” has the same meaning as when used in section 121. Under Sec. 121, a portion of the purchase price of a multi-family building is allocated to each “dwelling unit”, such as an apartment. I suspect that you would only receive the 10% credit for the portion of the purchase price allocated to the residence in which you were living.

56. tyger on July 25, 2009 7:27 pm

    Will I get my refund or will it be seized by the gov. I am currently paying child support and have my wages garnished every week,,, IF ANYONE CAN ANSWER PLEASE DO!!!!

57. J on July 27, 2009 8:20 am

    I’m hoping to purchase a home in the next few months, currently my husband and I own and live in a manufactured, doublewide. We are getting an FHA loan for this new house. My ? is, will we qualify for the credit, or will we NOT be considered first time home buyers, since we own our current primary residence, regardless of what type of home it is?

58. Bill on July 30, 2009 10:32 am

    If two unrelated people buy a house together and one is a first time buyer, but the other is not, can the party who is a first time buyer claim the $8000 tax credit?

59. Maritza on August 10, 2009 6:52 pm

    I have lived in NY state for the last 2 years, owned a home in another state-which i could not sale, a relative lived there, and now have transfered title to. can i apply for the credit.im really anxios to know before deadline. Txs

60. Kara on August 11, 2009 6:59 am

    “If two unrelated people buy a house together and one is a first time buyer, but the other is not, can the party who is a first time buyer claim the $8000 tax credit?”

    We are struggling with the same problem. I cannot seem to any information.

61. Sandy on August 11, 2009 5:02 pm

    I am closing on my first home Sept 9th. I was looking forward to the tax credit to help me establish a little security if I ran into any finacial difficulty in the future as I live “hand to mouth.” When attempting to get the home owners insurance set up I was told I was on the policy with my x-husband (have been divorced over 6 years) and was still on the deed for the house we bought 20+ years ago. Apparently when we divorced he never removed me. I moved out and received no settlement, just wanted to leave that part of my life in the past. I did sign papers but apparently they were only for the mortgage loan. How can I straighten up this mess and possibly still qualify. I have been living in a little apartment for the past 5 years with my daughter and so wanted to start new with a little house and a little extra money for “a rainy day.” Thanks.

62. ColdFusion Developer on August 11, 2009 5:27 pm

    Does anyone know where to find a calculator for determining eligibility of receiving the 8000 credit based on your Gross Annual Income?

63. Sandra on August 11, 2009 6:24 pm

    What I want to know is do I have to find a house first then get the refund or do I get the money and just put it on a house that I find?

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65. why66 on August 13, 2009 3:34 pm

    Help! Help! I bought home in May 2009, the home is too bad, then I bought another home in August 2009, and want sale out the first home. If I have chance to the credit ??????

66. julia on August 14, 2009 11:20 pm

    Please Help! We are buying a house using only my husband’s name on the mortgage, because of my bad credit, but we file our taxes together. Would we still qualify for the full 8000 credit, or only 4000?

67. brian on August 16, 2009 10:15 pm

    would i qualify for the $8000.00 tax credit if i purchase a home that is carried (financed) by the seller? or does it have to be bank financed? we would be closing with a title company with my name on the deed and the seller as the mortgage holder.

68. Erica on August 18, 2009 4:58 pm

    In 2005, my parents purchased a second home for my ex-husband and I to reside in. since then, I have bene listed as a “renter” paying the mortgage, tax and insurance as my “rent”. I also have been living in the home and taking care of all upkeep, renovations, etc. In the next two months, my new husband I plan on purchasing the house from my mom at full market price. But we are being told because the purchase is from my mom, that we don’t qualify. Is there any way around this? We have the “benefits and burdens” of owning the home.

69. Tampa Commercial Real Estate on August 19, 2009 5:35 am

    Its hard to argue with a $7500 interest free loan. I don’t understand those that would complain about it.

70. stephanie on August 25, 2009 12:10 pm

    My boyfriend bought a house Nov 2006.
    We married in 2007 and my name has never been on the mortgage or the deed, but we filed jointly 2007 and 2008.

    Now we are separated and I want to buy my first home.
    Am I still eligible for the tax credit?

71. Matt Yogerst on August 26, 2009 12:53 pm

    Brian - this is straight from the IRS site…

    Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer’s payment obligations?

    A. If the taxpayer obtains the “benefits and burdens” of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)
    Hope that Helps!

72. Matt Yogerst on August 26, 2009 12:54 pm

    Julia -

    You husband would be able to claim the full 8k. It is just a maximum per purchase. So if you and your sister bought, then you would get up to 8k to split how you would like. But not 8k each. So, yes he can get the full 8k.

73. Matt Yogerst on August 26, 2009 12:56 pm

    Sandra -

    You have to close on the property, then you can either amend your 2008 return or wait until you file for 2009. The IRS will give you a check for that 8k.

74. Ray on August 29, 2009 9:23 am

    I bought my house on Dec 5, 2009. I did not qualify to get
    $7500 tax credit in last year but this year again. It says jan 1, 2009 to dec. I think it is not fair. How can i speak up my voice?

75. Marlene on August 30, 2009 9:03 am

    We bought our home in May 2009, and have yet to receive the $8,000 tax credit. The IRS will come up with any excuse to delay the process. Has anyone else had this problem?

76. omar thabet on September 2, 2009 11:50 am

    So i bought i condo in august, but the money was given to me by my father, i currently dont have an income. Do i get it

77. Laura on September 3, 2009 2:58 pm

    To Steve from April 2nd - WELL SAID. And to add that Brian has a GREAT low interest rate, while the rest of us are stuck with interest rates around 6.75 and can’t refinance since the value of the home is soooo far under. Hoping people like Brian can see a little outside the box.

78. Iris Muna on September 7, 2009 8:45 am

    Can a couple living in Guam and purchasing a home get the benefits of the $8K credit?

79. Miranda on September 8, 2009 5:28 pm

    I just bought a home 6/09 in my own name. Now my boyfriend and I are getting married 10/09. If I file by myself for the tax credit, I will get none of the $8000 back due to my income. If I file with my new husband, we will receive the whole $8000. So does he name have to be on the home loan in order to file together? Please help me!!!

80. Clarice on September 9, 2009 12:22 pm

    Marlene….. it is called a tax for a reason… you can only claim this refund or credit rather when you file your TAXES. This is not something you claim throughout the year as you do not claim your taxes throughout the year. You are upset cause you want your money right away instead you should be happy cause techincally the Governement didnt have to even give anyone this credit. Soooooo be patient and get your money when everyone else in america that bought a house this year will get thiers. Have a wonderful day!

81. Edward Arce on September 9, 2009 6:04 pm

    We have the program upfront! Use our services and get the $8,000 at the purchase time and use the money for the down payment and closing costs. This means you can buy with NO money down up to $228,570 using an FHA loan. Questions??? Follow me on Twitter http://twitter.com/cdfi

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    [...] but now the $400-499,999 price range is the most dominant in the area.  Will this change when the $8000 tax credit for first time home buyers goes away? Bellevue and Redmond real estate sales - [...]

85. Phyllis on September 27, 2009 12:15 pm

    I have a question, that I can’t seem to get an answer to. In the year sept. 2000 my then boyfriend purchased a home my name is not on the title, deed, nor anything else associated to the home, not even the mortgage payements. In 2004 we married and everything associated with the home stayed the same as before marriage. we sold the home in 2007.
    Now being’s that “I” have never purchased a home before would like to purchase a home while there is still the 8,000K first time tax credit, it will be the same the home will be in my name only, title, deed, full responsibility will lie with me and we will file separate tax returns. Do I qualify for the tax rebate. Time is running out and i’m desperately seeking an answer. Thank you.

86. Hot Price Range of The Week in Redmond and Bellevue, 9-23-09 « West Redmond Real Estate Buzz on September 28, 2009 6:21 am

    [...] $400-499,999 price range is now firmly the most dominant in the area.  Will this change when the $8000 tax credit for first time home buyers goes away?  It remains to be [...]

87. Katie (South France Immobilier) Radisson on September 30, 2009 8:02 am

    Anything that helps… Helps!

88. Gail on October 2, 2009 8:03 pm

    Has the credit been extended to 2010 per this article - http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html ?

89. What Does Housing Affordability Mean? | Free FHA Loan Advice on October 3, 2009 8:02 am

    [...] You can track home values through Zillow’s Local Info pages and mortgage rates in Zillow Mortgage Marketplace, but you are on your own for your personal income.  Right now home values are down, mortgage rates are down, and average household incomes are down.   The drop in home values and mortgage rates make it a great time to buy if you still have a strong income.   This is especially true for first-time home buyers who can take advantage of $8,000 first-time home buyer tax credit. [...]

90. What Was The Hot Price Range of the Week in Bellevue & Redmond, 9-30-09? « West Redmond Real Estate Buzz on October 5, 2009 12:44 pm

    [...] on October 5, 2009 at 12:44 pm Remember, only a couple of weeks to left to buy a home and use the $8000 first time home buyer tax credit since your home purchase must close by November 30th, 2009.  You’ll need at least 30-45 days [...]

91. What Was The Hot Range of the Week for Kirkland Home Sales, 9-30-09? « Kirkland Highlands Real Estate Buzz on October 5, 2009 12:45 pm

    [...] on October 5, 2009 at 12:45 pm Remember, only a couple of weeks to left to buy a home and use the $8000 first time home buyer tax credit since your home purchase must close by November 30th, 2009.  You’ll need at least 30-45 days [...]

92. Trang Dunlap on October 5, 2009 2:41 pm

    CA residents need to act fast to double up the new home buyer credit with the new construction credit for a total of $18,000 in tax credits

93. Scott on October 7, 2009 10:16 am

    If i purchase a house from my uncle will i be eligible for the $8,000 tax credit?

94. Irene on October 9, 2009 9:50 am

    Purchased first house in Sept 2008. Can I still file for $7,500 interest free loan, or is there some deadline that has passed? Couldn’t find this info on the IRS site…

95. What Was Kirkland’s Hot Price Range of The Week, 10-6-09? « Kirkland Highlands Real Estate Buzz on October 12, 2009 1:58 pm

    [...] WA, Kirkland, WA Real Estate, Real estate, buyers, sellers on October 12, 2009 at 1:58 pm The  $8000 first time home buyer tax credit is going, going, and soon, it will be [...]

96. What Was The Hot Price Range for Bellevue & Redmond Home Sales, 10-6-09? « West Redmond Real Estate Buzz on October 12, 2009 2:23 pm

    [...] For Sellers, Market Statistics, Real Estate news, Redmond on October 12, 2009 at 2:23 pm The $8000 first time home buyer tax credit is going, going, and almost [...]

97. Commercial Real Estate Coach on October 13, 2009 8:57 pm

    Marlene, its a tax credit, not a tax refund.

98. Walker on October 15, 2009 12:47 pm

    Commercial Real Estate Coach,
    You “correction” is only half right and very misleading. It may technically be labeled a credit, but it is a REFUNDABLE credit. If your employer withheld $2,000 of taxes for you during the year, and on filing day it turns out you are going to get all of it back, then if you ALSO bought a 1st time home, then you will be getting a check for $10,000.

    Clarice,
    The IRS specifically states that the credit may be claimed ANYTIME during the year by filing an amended return.

99. Walker on October 15, 2009 12:51 pm

    Irene,
    You can file amended tax returns for any reason for several years after the fact, so yes, I’d say it’s very likely you can still get the loan. I would file an amended 2007 return ASAP if I were you.

100. Gainesville Real Estate on October 18, 2009 7:13 am

     Just to clarify - the credit HAS NOT been extended (yet).

101. apartments for rent in Chicago on October 19, 2009 10:46 am

     Im hoping my parents who have been living in California will be able to get a loan before this deadline

102. Beto on October 20, 2009 11:23 am

     Can you receive both the 7500 credit and 8000 gift if the house was purchased in March/April 2009?

103. eddie on October 21, 2009 7:49 am

     You can file an amended return if you have the loan that you have to pay back and get the 8,000 dollar credit if you bought your house this year. do your research people. Quit worrying about it. the real worry here will be the run away inflation we can expect next year. Make sure you can manage your payments as the price of neccesities will rise next year. Facts, simple version, a return to corporate and private spending paired with massive government spending adds up to inflation as total money supply has increased over the last 2 years so logically if what is sitting in the bank returns to active use there will be more activley ciculating which equals higher inflation. This is simplified but plan ahead, save a little money and by god keep your mortgage as if people over extended themselves then the credit will do more harm than good.

104. Daniella on October 22, 2009 7:01 pm

     my sister and I want to buy real property to both of our names… do we both get the 8k ? 8k for each? please help. thanks

105. eddie behm on October 22, 2009 9:00 pm

     it is 8 k for whoever buys the house I don’t think it can be credited to multiple parties. Also, remember you must live in the house for 3 years or else pay back the funds. If you have a job that transfers you alot don’t do it. Also a house is a liability not an asset make sure you don’t get underwater on you mortgage for the next 3 years as if you do you will not only be removed from your home but owe the federal government 8,000 dollars.

106. Gail on October 26, 2009 9:18 am

     A parent purchasing a home for a developementally disabled adult child. The adult child will not be on the mortgage but will have ownership of the property. The child is a first time home owner and is being added to the title on the home, can the adult child receive the tax credit?

107. Rodney Harkness on October 27, 2009 4:15 pm

     Has or will this $8,000 tax credit be extended?

108. Bozo on October 27, 2009 7:26 pm

     Sure, let’s make the credit retro active back to January 2008. Then what? The people who bought in December 2007 will start to complain. Let’s just give everyone $8000, house or not. You have to start the tax credit somewhere and too bad for you who bought two weeks early! I am buying a house soon to try to capitalize on the 8k. What if they bump it to 15k? Yeah it will suck but I won’t blog about it and expect sympathy. Your complaints will fall on deaf ears (or blind eyes).

     No you cannot claim two of the refunds. That is what you call FRAUD.

109. Anthony on October 28, 2009 8:03 pm

     My spouse owns a home in another state. I’m buying the home and I’m the only one on the mortgage, we do not live
     together, will I still qualify for the tax credit?

110. william on October 29, 2009 11:49 am

     my wife & I brought our new home 3 years ago and nobody gave us a tax credit for 8,000 dollars. Where is the love from our dem goverment. it seems like the mid class can not catch a break.

111. susan on October 29, 2009 6:47 pm

     http://banking.senate.gov/public/index.cfm?FuseAction=Newsroom.PressReleases&ContentRecord_id=a1d03bdb-063c-ac50-501e-ba1e64db650b&Region_id=&Issue_id=

     NewsroomEmail
     Print DODD PRAISES AGREEMENT TO EXTEND THE HOMEBUYERS TAX CREDIT
     October 29, 2009

     WASHINGTON – Today Senate Banking Committee Chairman Chris Dodd (D-CT) praised the agreement to ensure that Americans would continue to have access to the Homebuyers Tax Credit. This tax credit is working to turn around the housing market and build economic security for millions of middle class families.

     Dodd had joined Senator Johnny Isakson (R-GA) in pushing to extend the credit.

     The final agreement includes Dodd and Isaksons’ provision to extend the credit to people looking to buy a new home after having owned and lived in a home for more than five years. More than 70 percent of existing homeowners will now be eligible to take advantage of this program and use the credit to buy a new home.

     “Every economist will tell you we have to steady the housing market before the economy will turn around,” said Dodd. “We can’t afford to let this tax credit expire now. We need to be fighting with everything we’ve got.”

     Summary of the agreement:
     · Extends the $8,000 first time Homebuyers Tax Credit and creates a new $6,500 tax credit for homeowners buying a new home from December 1, 2009 to April 30, 2010.
     · Homebuyers with contracts as of April 30th qualify for the credit so long as they complete the transaction within 60 days.
     · Available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a joint return.
     · Not available for homes costing over $800,000.
     · Homebuyers who already own a home are only eligible if the home they are leaving has been used as a principal residence for 5 years or more.
     · Provides authority to the IRS to do greater oversight while processing the return and requires that the taxpayer claiming the credit be 18 or older.
     · Members of the military, military intelligence and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.

112. apartments for rent in Chicago on November 2, 2009 9:14 am

     that is great time to make a call to my parents who are moving back to Chicago in the early spring

113. betty leon on November 4, 2009 6:40 pm

     is there a possibility that the 8000 dollar credit will be extended past nov 30th ?????

114. chris on November 5, 2009 8:10 pm

     Considering this house will always be my first and only home and primary residence,does this then allow first time home buyers like myself who bought mine in 07 to qaulify as well?

115. linda Johns on November 6, 2009 12:31 pm

     My brother and I “purchased” the home that I’m living in 6 years ago….4 months ago, I bought him out…basically re-financed the property as the sole owner. Previously, my ex and I purchased a house as co-owners. Can I tap into any of these tax credits?…god knows I need to!!!

116. BOB on November 8, 2009 9:04 am

     My wife and I purchased our home from my mother in-law at FULL value , appraised, suggested sale price for the neighborhood etc. And we don’t qualify for the tax credit? How is that acceptable?

117. Megan on November 10, 2009 11:49 am

     All you that got the 7500 credit but are complaining that you didnt get the 8000 credit should just be happy you got something and shut up. You dont normally get anything like that when you buy a house and you shouldnt expect it.
     I missed out on the 7500 by one month. But when I found out it was just a long term loan, even if a 0% interest, I wasnt so beat up about it. My credit is excellent anyway.

118. Mike on November 11, 2009 11:10 am

     I closed 12/31/08, so 1 day cost me $500 a year plus another $500 in my pocket. The $7500 was nice, but extending back the credit 6 months seems fair to a person like me that took the leap of buying and closed 1 day too soon. Oh well, I’ll survive, but it does sting to know 1 day will cost me $500 a year for several years compared to people that
     paid $20000 less for a comparable house a month or two later. I certainly pay enough in income taxes to see this as a fair deal rather than a handout.

119. Trish on November 11, 2009 11:22 am

     We closed Oct 6 2008 on our first home, I didn’t take the $7500 on our taxes, because I knew $500 a year later might be hard on us. Wishing now I had waited the 3 months to buy my house, cause the $8000 sure would have helped.
     Now we are in a home with the prospect of a new job in a new city and can’t sell the house we are in upside down because of the market more than anything, and out the $8000.

120. The-Hits-Just-Keep-On-Coming on November 11, 2009 9:26 pm

     Some time in 2002, my then girlfriend purchased a home in her name and on her credit. We got married shortly there after and my name was added to the deed sometime in early 2003, but never on the mortgage. After 10 years together, five of it married, we had a minor fight and she asked me to leave for a few days in August of 2007. The plan was was really to surprise me with a divorce and leave me for another man. The locks were changed and I was served with papers a day later and as I had left the residence (my thinking I would be coming home in two days), I was told by my attorney that I had no rights to access the property from that day forward. I took a bath in the process and she later sold the house at a substantial profit that I never saw a dime because she sold it after the divorce was final (yes, I should have forced the sale) and I had to accept a pittance.

     Question is: She purchased the home before marriage. I was added to the deed once we decided to get married, but not the mortgage. She ran off with this guy in August of 2007 and we were divorced officially in Feb 2008. I’ve never purchased a home before or since because I was run through the ringer and I had nothing to buy a home with. Do I qualify for the first time home buyers credit?

     If this is anything like the marriage or divorce went, I’m sure I don’t. Maybe, I’ll get a karmic surprise and someone can tell me otherwise, but just knowing for sure would be good enough.

     Thank you,

     THJKOC

121. Olga on November 12, 2009 8:44 am

     My spouse and I just bought a house, I haven’t purchased a house but he had with someone else and the title is not under his name just the loan. Do I qualified for the $8,000 credit

122. Carmen Arruda on November 12, 2009 2:38 pm

     Check out this story about the extension of the housing tax credit:

     http://abclocal.go.com/wabc/story?section=news/politics&id=7087955

     If you want to skip it, here’s the interesting part (which they do not explain in detail):

     1,400,000 homebuyers have taken advantage of the tax credit.

     The story specifically states that NAR estimates that 350,000 of those wouldn’t have purchased without the tax credit, meaning 1,050,000 would still have purchased without the tax credit.

     This means the total cost of the program breaks down like this:

     1,400,000 x 8,000 = $11,200,000,000 (11.2 BILLION)

     This means the total cost to give the 350,000 people who wouldn’t have purchased a home without the tax credit was the 11.2 Billion; which means:

     11,200,000,000 / 350,000 = $32,000 per transaction

     So:

     It cost $32,000 for each individual who got the $8,000 tax credit, to motivate them to purchase a new home.

     Wow.

123. Walker on November 13, 2009 12:09 am

     To both of the spouse-related questions just above:
     From everything I’ve read, neither of you will qualify. If you’ve EVER been the spouse of a home-owner (they owned a home anytime while you were married), then YOU are considered to have owned a home as well. Doesn’t matter whether your name was on the deed or mortgage or not.

     Keep in mind, though, that with the new housing credit version just passed, you can qualify for $6500 if you’ve lived in the same place for 5 years or more. And just like before, you can qualify for all $8000 if you haven’t owned [see my 1st paragraph]a home anytime in the 3 years prior to the signing date of your new home.

     (For the record, I think it’s utter stupidity to pay people who are already homeowners and who make $225,000 a year, to move to a different home…??)

124. $8,000.00 Tax Credit Extended Through April 30, 2010 : TAYLOR’D 2 U REALTY on November 13, 2009 9:25 pm

     [...] $8000 tax credit for first-time homebuyers extended for buyers who sign a contract by April 30, 2010 (and who close by the end of June). [...]

125. Stepho on November 13, 2009 10:12 pm

     To the guy that “the hits keep coming”…first time home buyer is defined as anyone who has not purchased a home in the last 3 years. BTW, you should be entitled to some of that profit simply b/c you resided there and was married. Her cheating on you certainly makes a case for you so I would talk to an attorney.

126. Kerry on November 16, 2009 2:18 pm

     Being in the housing industry, we are just thankful for any help the government gives!

127. jason on November 18, 2009 9:43 pm

     Why are you people complaining what happened to working for what you have instead hoping the goverment will bail you out? China will own all your properties in the next 20 years if our goverment keeps borrowing money to bail everybody out for buying over inflated housing. Working class people cant afford a decent home because all the money that being sunk into these houses, supply and demand ring a bell? you keep buying at theses prices they keep selling higher and higher.

128. Barry Lynn Miller -REMAX on November 19, 2009 5:25 pm

     I have never liked the tax credit yeah it has helped me sale some houses but the new one will hurt you wait and see

129. Stepho on November 19, 2009 5:49 pm

     Barry,
     What is that supposed to mean?

130. Gilbert AZ CPA on November 20, 2009 5:47 am

     The tax credit will help stimulate sales, but if the government wants to continue to help the real estate market they need to do more to prevent foreclosures. Until we focus on ways to keep people in their homes, the crisis will continue. I see people everyday who can afford their homes, but when they are $200k upside down what’s the point? If you can get beyond the ethical issues of walking away from your home then it often becomes a wise financial decision.

131. Stepho on November 20, 2009 9:18 am

     I agree. However, the problem is different in each state so that does not really apply across the board. For example, my husband and I just bought a house worth 170k for 130k and it had another mortgage taken out on it to do some upgrading. Well, the people were doing a short sale to avoid foreclosure (which is the responsible thing to do).As homebuyers, the house was everything we wanted and we found it at a steal the market is great where we are at ( right next to a military base). The key is to create secure unions and jobs. Unions protect employees. I feel jobs should be created where housing is suffering the most. This would allow people to keep their homes and have a secure job. Also, we need to stop sending our jobs overseas in a time of recession! Keep the jobs on the homefront first!!!