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
We've talked a lot about the First Time Buyer tax credit and the newly expanded tax credit available to current homeowners. This credit expires in April of 2010. When you run the numbers and look at the low property prices these days, making a move now c
Tracked: Dec 22, 18:54