First Weber has talked about the extended and expanded home buyer tax credit. We hope you are aware there is now a credit available to current homeowners. Of course, a credit is also available to first time home buyers. But "first time" in this case does not mean "first ever". You may qualify even if you have owned a home before.
The following is off the HUD website and describes, for the purpose of this credit, what a first time home buyer is.
"A first-time homebuyer is an individual who meets any one of the following criteria:
- An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers.
- A single parent who has only owned with a former spouse while married.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure. "
Thanks, HUD, for that information! My guess is that there are many who did not know that "first time buyer" was such a flexible term in the case. Did you know? Are you thinking of taking advantage of the credit? It expires April 2010. More info at firstweber.com
