First Time Home Buyer Tax Credit for 2009
May 31st, 2009 by John Thomas
Here are the highlights for the First Time Home Buyer Tax Credit for buying a home in 2009.
- 10% of Sales Price up to $8,000
- Have not owned a home in the last 3 years
- Don’t have to pay it back
- Must buy by December 1, 2009
- May amend 2008 tax return to claim money right after settle
- Income phase out starts at $75,000 for individuals and $150,000 for joint filers
- $4,000 max for married person filing separately
- Must live in property as principle residence for 36 months or have to pay full tax credit back
- Credit is applied for on IRS form 5405
- You cannot take credit if but home from close relative
- FHA just came out with Mortgage Letter for homebuyers to take tax credit before they buy home as a loan from acceptable source. Cannot use toward 3.5% minimum down payment for FHA Loan.
If you have questions about tax credit or qualifying for a first time home buyer loan please feel free to call me at 302-703-0727 or send an e-mail to DelawareMortgages@yahoo.com
John R. Thomas – Certified Mortgage Planner – FHA & USDA Loan Specialist
Primary Residential Mortgage, Inc. – 42 Reads Way, New Castle, DE 19720
I am a Delaware native who has been actively involved in the Mortgage and Finanace industries for over 10 years. Call me at 302-703-0727