HOW TO USE THE HOME BUYER TAX CREDIT

Although the tax credit is available, many 

people are either unaware of it’s existence or don’t know how to use it.  First and foremost, buyers need to have a relationship with a lender who is knowledgeable with regard to what the requirements are to take advantage of this.  

This is a first time home buyer tax credit….it doesn’t have to be your first home.  You would qualify if you’ve not owned a home in the last three years.  This credit has increased to $8,000 from $7,500 and it does not have to be paid back.  People should be jumping up and down about this.  However, there are many people who have no idea that this exists.  I’ve mentioned it to people and they were surprised.  This is “free money”!  What are you waiting for?

The credit is $8,000 or 10% of the purchase price whichever is less.  You also have to stay in the home for a minimum of three years.  This is not for investors.  This is for folks who have been wanting to buy a home and now is the perfect time before the rates increase, while the prices are at these levels and while this tax credit is available.