What are the important details on 8000 tax credit for first time home buyers?

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Some important facts of $8,000 tax credit for first time home buyers are:
  1. It is a true tax credit to home buyers, not a loan as initially devised.
  2. It is only for "first time" home buyers who haven't owned real estate in the last 3 years.
  3. It is capped at 10% of the purchase price.
  4. The buyer must remain in the home for the minimum of 3 years.
  5. It is applicable for first time buyers that buy or have bought between 1/1/2009 and 12/1/2009.
  6. Full credit is available to those making $75,000 or less or $150,000 for joint filers.
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What is the impact on a credit score of getting a car loan within a year of buying a new home as a first time car buyer and home buyer?

Answer . The time involved has little effect. It depends on your income to debt ratio. Higher income, lower debt is good, while lower income and higher debt is bad. It also depends on the total amount used of you current available credit.

Who can be considered as a first time home buyer?

It i more likely that a first time home buyer is someone that has never bought a home before, either that means that you have never picked out the home or you have and someone else has paid for it. Either way that person would be a first time home buyer. Depending on what state you live in there are factors that could place you in the category of first time home buyer even if you have previously owned a home. In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This loan offers a below market, fixed interest rate and can even help with down payment. I would check with a mortgage company in your state to see if there are similar programs available.

What is a first time home buyer tax credit?

Tax Credit to Aid First-Time Homebuyers . If you were a first-time home buyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place.. Some details of the credit include:. The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. . The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. . The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. . This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period. . This information was provided by: http://www.efile.com/tax-deduction/mortgage-deduction/first-time-home-buyer-tax-credit.asp

How do you apply for first home buyer tax credit?

Tax Credit to Aid First-Time Homebuyers . If you were a first-time homebuyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place.. Some details of the credit include:. The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. . The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. . The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. . This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period.

Can you use the 8000 first time homebuyer tax credit for your 2008 taxes?

Tax Credit to Aid First-Time Homebuyers . If you were a first-time homebuyer in 2008, you should know about and begin to plan for a new tax credit that was recently put into place.. Some details of the credit include:. The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. . The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. . The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. . This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period.

Does a land contract qualify a first time home buyer for the new tax credit?

Does a land contract qualify a first time home buyer for the new tax credit?

How long does it take to receive First time home buyers tax credit?

someone told me 5 weeks but I also heard 8-14weeks but i think they say that to buy themselfs time. Im waiting for mine now and its been 3 weeks now.

What should your credit score be for a first time home buyer?

"Should" is subjective. It depends on the type of loan you are attempting to get. FHA loans accept lower credit scores than traditional lenders. Traditional lenders have rate discounts at the higher levels, the best loans being found with scores over 800. Each lender is different. Some price everyone the same over 750, or 720. On average a score over 680 is desirable, although loans can be had with lower scores. Don't forget that lenders are now placing a greater weight on debt ratios and down payment levels.

You are a retiree and dont file taxes do you qualify for first time home buyers tax credit?

Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.

If you sell your home to a first time home buyer is there any tax break when you buy your next home?

There are currently no federal programs that allow for you to receive a tax credit based on the fact that you sold the home to a first time home buyer. You should check if there are any state programs available.

Can you have owned a home and be a first time buyer?

In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA) which offers a below-market, fixed interest rate and can help with your down payment.

Do you have to pay taxes on the 2009 first time home buyer tax credit?

Yes! Real estate taxes are payable to your local tax authority. Whatever you get back on your tax return at the end of the year as "credit" depends on your income level. After a certain income level... there is no "first time home buyer" credit.

Can you have already owned a house and still receive the first time home buyer credit?

No, since you are not a first time home buyer. I tried that when I got a divorce and because my husband and I had bought a home I didn't qualify. . Not necessarily true. In New Jersey, if you haven't owned a house in the last 3 years, you are considered a first time home buyer and are eligible for the First Time Home Buyer Program funded by the New Jersey Housing and Mortgage Finance Agency (NJHMFA). This loan offers a below-market, fixed interest rate and can even help with down payments. I would check with a mortgage company in your state to see if there is a similar program available.

Can you qualify for the 8000 first time home buyer tax credit if buying a duplex as a principle residence?

I would love to know the answer to this question! I find conflicting data everywhere.

Can you get the 8000 first time home buyers tax credit when you use a VA loan?

I was also wondering the same thing. As far as I gathered it's only good for a FHA loan which is crap to us Veterans who don't need a down payment. i just started to try and get pre-approved for both the see which way i would come out better. Hope this helped.. Sgt. Corey Klingman. www.AuPREMEX.com

Is there a first time home buyers tax credit on mobile homes?

That depends on the state in USA and province in Canada. As you didn't say where you are, inquire at your state or provincial office.

Can you apply first time home buyer credit to a live aboard yacht?

No. The first time homebuyer credit has to be applied to a single family site built home. You have to present the closing document showing proof home was moved into by November 30, 2009. Hope this helps.

How does the first time home buyers credit work?

The first time buyer credit for 2009 expires November 30, 2009. If you are involved in a Real Estate Transaction, you must close by that date in order to be eligible for the credit. A first time buyer is a buyer who has not purchased Real Estate in the last 3 years. If that is you, you are not automatically qualified for the first time buyer credit. There are certain criteria that you must fall under. The most helpful information is found on the IRS website: http://www.irs.gov/newsroom/article/0,,id=204671,00.html From there you will find links to Form 5405 which should be used to claim your tax credit. You will also be able to see the restrictions on the credit: . First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit: . Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009. . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. . The question and answer section found here: http://www.irs.gov/newsroom/article/0,,id=206293,00.html The scenario section found here: http://www.irs.gov/newsroom/article/0,,id=206294,00.html Hope this helps. For more Real Estate Info/News/Fun Facts, visit my blog at www.wordpress.com/thomsonteam..

What is the tax credit for a first time home buyer for 2010?

The tax credit for 2009 ends November 30, 2009 - your transaction must close by that date in order to qualify for the credit. Currently, there is no official continuance of the credit. There are rumors that it will be continued into 2010, but no confirmation from the government yet. For more Real Estate info/stats/fun facts, visit my blog at www.wordpress.com/thomsonteam.

What is the deadline to apply for 8000 tax credit for first time home buyers credit?

To qualify for the credit you have to purchase your home between January 1, 2009 and April 30th, 2010. You can still qualify for the credit if you purchase your home after April 30th but before June 30th, 2010 as long as you have a legal contract binding you to the sale before April 30th, 2010.

After you buy a house are you automatically qualified for first time home buyers credit?

Even if you are a first time buyer (or have not purchased in the last 3 years), you are not automatically qualified for the first time buyer credit. There are certain criteria that you must fall under. The most helpful information is found on the IRS website: http://www.irs.gov/newsroom/article/0,,id=204671,00.html From there you will find links to Form 5405 which should be used to claim your tax credit. You will also be able to see the restrictions on the credit: . First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit: . Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009. . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. . The question and answer section found here: http://www.irs.gov/newsroom/article/0,,id=206293,00.html and the scenario section found here: http://www.irs.gov/newsroom/article/0,,id=206294,00.html are also very helpful. Hope this helps. For more Real Estate Info/News/Fun Facts, visit my blog at www.wordpress.com/thomsonteam.

When will i get my first time home buyers credit?

This will tell you what type of credit you're eligible for: http://thedailey.files.wordpress.com/2009/11/2009-homebuyer-tax-credit-changes.pdf and this will tell you how to file for the credit http://thedailey.wordpress.com/2009/10/20/filing-amended-tax-return-for-first-time-homebuyer-credit/.

Do you still get the first time home buyers credit if you buy a home in a different state?

Here's the link to the IRS website for details but I've also cut and pasted the info here for your use and review. Thank you:) http://www.irs.gov/newsroom/article/0,,id=204671,00.html New Legislation New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law: . Extends deadlines for purchasing and closing on a home. . Authorizes the credit for long-time homeowners buying a replacement principal residence. . Raises the income limitations for homeowners claiming the credit. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased. People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009. General Information Homebuyers who purchased a home in 2008 or 2009 may be able to take advantage of the first-time homebuyer credit. The credit: . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405 , which you file with your original or amended tax return. For 2008 Home Purchases The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year. For 2009 Home Purchases The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase. First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options . Questions and Answers More information is available in the question and answer section . Related Items . IR-2009-83 , First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date . The American Recovery and Reinvestment Act of 2009: Information Center Feel free to contact me:) Tiffany Saunders-Short Sale, Foreclosure, REO Residential & Land Specialist Licensed in MO & KS Re/Max Results 816 728-0724 mobile 816 285-2352 fax www.RealtorinKansasCity.com

When does the first time home buyers tax credit end?

You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010 . . If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before Sept. 30, 2010 . Go to the IRS gov website and use the search box for First-Time Homebuyer Credit

I purchased a home with my dad so can I receive a first time home buyer stimulus credit if I can be claimed as a dependent on my parents' taxes but they choose not to claim me as a dependent?

Q. Can a dependent on someone else's tax return claim the first time homebuyer credit if they otherwise qualify? A. Different rules apply depending upon whether a dependent buys a home after Nov. 6, 2009, or on or before that date. Dependents are not eligible to claim the credit on any purchase after Nov. 6, 2009. However, a dependent who buys a home on or before Nov. 6, 2009 may qualify for the credit. (11/19/09) Q. Can a minor buy a home and claim the credit? A. Usually, no. However, different rules apply to purchases after Nov. 6, 2009 and those on or before that date. Minors are generally barred from claiming the credit on home purchases after Nov. 6, 2009. To qualify for the credit, a purchaser must be at least 18 years of age on the date of purchase. For a married couple, only one spouse must meet this age requirement. A dependent is not eligible for the credit, regardless of age. For purchases on or before Nov. 6, 2009, the tax law does not bar a minor from buying a home and claiming the credit. However, taxpayers who do not otherwise qualify for the credit do not become eligible for the credit simply by using a minor child's name. In addition, under state law, children under the age of 18 generally are not bound by any contract they sign and cannot be required to comply with the terms of the contract. Thus, it is extremely unlikely that a seller of a home, or a lender if financing is required, would enter into a bona fide sale of a home to a child. Merely using the child's name to purchase a home does not qualify the child for the credit if, in substance, the child is not a bona fide purchaser of a home. (11/19/09)

I claimed the first time home buyer tax credit what should i expect on this year's taxes?

Its an 8000 dollar tax credit. that's the max you can get. its 10 percent of what you paid. So if your house was 50,000 you get 5,000 in tax credit. So take the amount you paid x .1

Do I qualify for the first time home buyer tax credit?

Sorry for the one-liner question, did not know how to add all the details in the question itself. Here they are: We purchased out first home on October 15th; we file under married filing jointly status, and our combined income is above the 150,000$ limit (that was in effect before Nov 6 2009) but below the 225,000$ limit (for home purchased after Nov 6 2009). Do you know if there is any way I can claim any tax credit for our home purchase? Not knowing that congress was going to increase the income limit for the second tax credit extension, I decided to go ahead with house closing on Oct 15th w/o waiting for the new extension to start, now it just seems a bit unfair that I cannot get any tax credit just because I purchased the house 3 weeks before Nov 6th!

Do i still qualify for first time home buyers taxes?

You are the only one that has all of the information that would be needed for you to determine if you meet the FTHBC rules. Go to the IRS gov web site and use the search box for First-Time Homebuyer Credit Taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. General Information Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit: . Applies only to homes used as a taxpayer's principal residence. . Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar. . Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed. Questions and Answers More information is available in the question and answer section . You can clck on the below related link

How do you get the 6500 home buyers tax credit?

By meeting all of the rules that have to met to qualify for the FTHBTC and completing your income tax return correctly and attaching all of the required documentation that is required for this purpose to your correctly completed income tax return and mailing the income tax return to the correct IRS address. Home buyers who purchased in 2009 can get a credit of up to $8,000 with no payback requirement. November 2009 legislation extends and expands this credit to homes purchased by April 30, 2010. New documentation requirements apply. See the first-time homebuyer page and special information on signatures for more. Go to the IRS gov web site and use the search box for First Time Homebuyer credit More information is available in the question and answer section . Click on the below Related link

When did the first time home buyer credit expire?

You must have bought - or entered into a binding contract to buy - a principal residence on or before April 30, 2010 . If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010 .

When do you have pay back 8000 tax credit for first time home buyers?

You are supposed to pay the credit back on the income tax return in the year that the home ceases to be your principal residence within the 36 months period from the date of the purchase of the home. The full amount of the credit received becomes due on the return for the year that the home ceased being your principal residence.

If you are the first buyers for your house can you get tax return for 8000?

Yes the amount of the FTHC is a refundable credit to a qualifying first time homebuyer. Your house. Does not sound like it is your main home (primary residence) to be a qualified first time home buyer you will have to read and make sure that you meet all of the rules for this purpose before you completed and file the correct federal income tax return correctly and attach all of the necessary documentation to the 1040 income tax that is required and mail the 1040 income tax return to the correct IRS mailing address.

What is the last day for the first buyers to get the tax credit?

The IRS does not have any scheduled day for the completion of issuing the FTHBTC refund amounts. Homebuyers who purchase by April 30, 2010, and settle by June 30, 2010, may be eligible for a credit of up to $8,000. Documentation requirements apply. Go to the IRS.gov web site and use the search box for first-time homebuyer page for more information.

Does getting a loan for a mobile home from a Credit Union qualify as first time home buyer credit?

Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties' names, property address, purchase price and date of purchase. You also have to meet all of the other rules to be a qualifying first time homebuyer to qualify for the FTHBC. . You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010 . . If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010 . Go to the IRS.gov website and use the search box for First-Time Homebuyer Credit

When will you be paid your home buyers tax credit?

If you file a complete and accurate paper tax return and mailed it to the correct mailing address, and the IRS accepts your income tax return as you filed it then your refund will usually be issued within six weeks from the date it is received and accepted by the IRS. And of course as you are aware you also had to attach to your 1040 income tax return all of the necessary forms and documentation that was required for the IRS to use to determine if you are a qualified taxpayer for the FTHBTC. The IRS will not send you refund until they have verified the information and documents that you sent with your income tax return and if they need more information they will be in touch with you before they complete processing your 1040 income tax return they will be contacting you are requesting more information. The fastest and easiest way to find out about your current year refund is to go to the IRS gov web site and click and on left side of the page under Online Services choose the Check on Your Refund or on the right side of the page under Filing and Payments choose "Where's My Refund?" link at the IRS gov website home page. To check the status online you will need your Social Security number, filing status and the exact whole dollar amount of your refund shown on your return. You can check the status of your refund by calling the IRS Refund Hotline at 800-829-1954.

Did they extend the tax credit for first home buyers?

Not for the purchase of new or second home but for the completion of THE binding contract to purchase a home for the FTHBTC and the contract to purchase was completed on or before April 30 2010. Effective July 2 2010 the closing deadline for the qualified binding contract to purchase a home that was in affect by April 30 2010 has been extended from June 30 2010 to September 30 2010. Go to the IRS gov website and use the search box for First-Time Homebuyer Credit where you can more details and the required documentation that you will have to attach to your 1040 income tax return along with the 1040 form 5405 First-Time Homebuyer Credit and Repayment of the Credit that will have to be attached to your 1040 income tax return after it completely correctly and has all of the other required documentation attached and then sent o the correct IRS address. The Homebuyer Assistance and Improvement Act of 2010, signed by the President today July 2, 2010 extended the closing deadline from June 30 to Sept. 30 for any eligible homebuyer who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010. The new law addresses concerns that many homebuyers might be unable to meet the original June 30 closing deadline. The IRS reminds taxpayers that special filing and documentation requirements apply to anyone claiming the homebuyer credit.

How do you apply for 2010 home buyers tax credit?

IF you meet all of the rules that have to be met to be a FTHB for the FTHBTC you will have to fill out your 1040 income tax return correctly and send in all of the necessary documentation forms and information along with your 1040 income tax return and the form 5405. For qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return. Deadlines * You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010 . * If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before September 30, 2010 . The IRS reminds taxpayers that special filing and documentation requirements apply to anyone claiming the homebuyer credit. To avoid refund delays, those who entered into a purchase contract on or before April 30, but closed after that date, should attach to their return a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract. Besides filling out Form 5405 , First-Time Homebuyer Credit and Repayment of the Credit, all eligible homebuyers must also include with their return one of the following documents: * A copy of the settlement statement showing all parties' names and signatures if required by local law, property address, sales price, and date of purchase. Normally, this is the properly executed Form HUD-1, Settlement Statement. * For mobile home purchasers who are unable to get a settlement statement, a copy of the executed retail sales contract showing all parties' names and signatures, property address, purchase price and date of purchase. * For a newly constructed home where a settlement statement is not available, a copy of the certificate of occupancy showing the owner's name, property address and date of the certificate. More details on claiming the credit can be found in the instructions to Form 5405, as well as on the First-Time Homebuyer Credit page at the IRS gov web site using the search box for the items referred to above.

How does the IRS determine if you qualify for the first time home buyer tax credit?

By checking your 1040 income tax return and making sure that you have met all of the rules and submitted all of the necessary documentation forms and other information that is required to determine if you are a qualified first time home buyer for the tax credit. Go to the IRS gov web site and use the search box for First-Time Homebuyer Credit Q. What do I have to attach to my 2009 or 2010 return to prove that I bought a new home in order to claim the credit? A. If you claim the credit on a 2009 (or later) return, you must attach a copy of your settlement statement. For most homebuyers, this will be a properly executed Form HUD-1, Settlement Statement (U.S. Department of Housing and Urban Development) that includes: . Names and signatures (if available) of all parties involved, . Property address, . Purchase price, and . Date of purchase. If you purchased a mobile home and do not have a settlement statement, you should attach a copy of your executed retail sales contract showing all parties' names and signatures, the property address, the purchase price and the date of purchase. If you are claiming the credit for a newly constructed home and you do not have an executed settlement statement, you should attach a copy of your certificate of occupancy showing the name of the taxpayer, the property address, and the date of the certificate. Q. What do I do if my settlement sheet does not have any signatures?

How does a person receive the first time buyer tax credit 2010 if they have already filed their taxes?

If you have already filed your taxes , you can file an amended return to claim the credit. This process takes around 12 weeks to finalize. You must also have lived in the house you are filing for, for about three years.

What is some advice for a first time home buyer to get tax credit from 2010?

In order to get the first time home buyer tax credit, you need to have closed on your home by October of 2010. If so, you can take the deduction on your taxes.

Is it too late to apply for the first time buyer tax credit 2010?

First time buyer tax credits may be available to individuals who purchased a primary residence between 2008 and September 30, 2010. This credit must be claimed on a 2008, 2009, or 2010 tax return or amended tax return.

What is a first time buyer tax credit 2010?

A first time buyer tax credit is a credit you can get if you purchased a house (primary residency) in 2008, 2009 or 2010. It reduces your tax bill (what you pay).

How do you know if you qualify for the first time buyer tax credit 2010?

There are some restrictions. Examples: Dependents aren't allowed to claim credit, NO credit if home is price is above $800,000, and you must be at least 18.

What are some important things to consider as a first time home buyer?

Before looking for a home, you need to know that amount of money you are guaranteed with a loan. Then you will want a list of things you want in a home. You must make sure you know what kind of payments you can make each month, as well as additional expenses on the home.

Do first time house buyers still get a tax credit from the government on their federal income tax return?

First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.

What happens with first time home buyers?

The question is pretty vague, but I will try to provide you adetailed answer. The most important thing about buying a home for the first time ischoosing the right mortgage program. Most of the times when a home buyer starts his house hunt, he goeslike "well, I have saved money for years and i can buy whicheverhouse I want." But that is not how things work here. You cannot afford to spend all your money on buying a home anddeplete your budget when it comes to paying bills, home repairs andother monthly costs. How to avoid this this situation? Go to a mortgage lender. He will determine youractual financial situation and help you choose the house that suitsyou best. One more thing, when you consult a lender, you will often hear" you either pay 20% down payment or we wont grant you anyloan. " This is not true! There are several first time home buyer loan programs ( FHA, VA, USDA, Conventional 97 ) that provide you loan forlow or no down payment at all. Then there are programs like VA, USDA which give you an option ofloan with zero down payment. However, both these loans are limitedto a particular class each. (VA for US military veterans and USDAfor those looking for a property in Rural/Suburban areas). On the other hand, FHA and Conventional 97 loan are accessible toanyone for a small down payment. FHA requires 3.5% whileConventional 97 Loan requires a down payment as low as 3%. So when you start you house hunt, determine you financial conditionand go for the loan that suits you best, rather than spending allyour savings on a "Dream Home" that will leave you with a depletedbudget.

How would a person find out if they qualify for the First Time Home Buyer Tax Credit?

In a span of three years mainly, from 2008 to 2010, a person may qualify for the First Time Home Buyer Credit if they had bought primary residence from that year.

What type of government credits are offered to first time home buyers?

There are many types of government credits available to first time home buyers. Some of these credits are offered by the federal government, such as a credit on your annual income tax. Other credits are offered by local government and will vary from area to area.

What does one do when they are a first time home buyer with bad credit?

There is information available on the internet that suggests that first time buyers with bad credit need not worry about their bad credit causing issues as they may be a good candidate for a federal mortgage payment plan.

What companies offer mortgages to a first time home buyer that has bad credit?

Finding a company that offers mortgages to a first time home buyer that has bad credit is not an easy task. Mortgagedigger, govhomeloans and operationhope are companies that offer mortgages to a first time home buyer that has bad credit.