How To Take Advantage of the First-time Buyer Tax Credit

August 30, 9:06 AMResidential Real Estate ExaminerMichele Lerner

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First time home buyers are almost always scrambling for cash and ways to make buying a home more affordable.

A temporary tax credit of $7,500 for first time home buyers is an important piece of this summer's housing bill which was signed by President Bush, but buyers need to know there are deadlines to meet to take advantage of the credit.

This tax credit only applies to homes (condominiums, duplexs, villas, town homes or single family homes) purchased between April 9, 2008 and July 1, 2009.

First time buyers who purchased a home during this past spring or summer can take the tax credit and for buyers thinking of purchasing a home sometime in the next year, it would be wise to make sure the closing takes place before July 1, 2009.

The NAHB (National Association of Home Builders) has launched a new Web site, www.federalhousingtaxcredit.com, which
includes a set of comprehensive questions and answers about how the credit works
and how consumers can put it to their advantage.

 

Disclaimer: This column should not be taken as legal advice for your personal situation. Please consult an attorney, lender, Realtor or other real estate professional before making decisions.