Posts Tagged "tax credit"

2009 First Time Home Buyer Tax Credit Q&A

Posted by Anne Kadin in Buying a Home

So many people have asked me how the federal $8,000 tax credit works. Basically it’s a once in a lifetime opportunity to buy your first home and get paid by the government. Here are some highlights. What is it? It’s a gift from the federal government to all you first time home buyers. It’s goal is  to help stimulate home sales and make first time home buying more affordable. Who is a first time home buyer? If neither you nor your spouse have owned a residence in the last 3 years you qualify. What kinds of properties are covered? As long as you buy a primary residence it can be a condo, townhome or detached single family home. Are there time restrictions? Yes,...