What is the time frame of the NEW 1st time Home Buyers Credit Work?
November 27th, 2009 by admin
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4 Responses to “What is the time frame of the NEW 1st time Home Buyers Credit Work?”
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depends on the lender, I think it’s a little over a month, but the best thing to do is ask the lender you are working with, or your mortgage officer.
The NEW tax credit is on houses closed between 1-1-09 & 12-1-09.
You would be eligible for the previous $7500 tax credit. The knew tax credit has NOT been signed into law yet. BO is out of town. He should be signing it Monday.
This is not an issue that your lender has any say in. It is a tax credit.
Ranger you have your tax credits mixed up. The new one is not a loan & does not have to be paid back if you live in the house for 3 years. The OP is not eligible for the new one but the can take advantage of the old one which is a loan.
There is no $15000 tax credit available. It was adjusted to $8000 on the new one.
The new tax credit is an interest free loan that you receive through a tax refunds. It must be paid back when the house sells, or within 15 yrs. by paying increased taxes. whichever comes first.
You purchase was prior to the date of purchase allowed by the new program. You are not eligable for the new program.
To qualify, a home must be purchased on or after April 9, 2008 and before July 1, 2009. The purchase date is considered the closing date. Yes you may qualify but they have written alot of language in this to where you may not qualify such as your modified adjusted gross income is limited to $75000 if single and $150000 if married. Also you can’t claim this if you have had your name to a principal residence in the last 3 years, this also includes your husband or wife. If one of you do not qualify then neither of you qualify. Go to your attorney, CPA, or other tax preparer for the legal or tax impact. Hope this helps.