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$8,000 First-time Homebuyer Tax Credit Ends Soon — Better Get Moving!
It’s been a boon for first-time homebuyers, but the $8,000 first-time homebuyer tax credit is set to expire in less than three months. The tax credit is part of a larger economic stimulus package designed to get the economy’s wheels turning again and the months of excess housing inventory off of the market. With time running short, what should those who want to buy a home and get the credit know? To qualify as a first-time homebuyer and get the most out of the tax credit you’ll need to meet the definition of a first-time buyer , fall under maximum income qualifications and meet purchase price standards. A first-time homebuyer is defined as someone who has not owned a primary residence within the past three years.
$8,000 First-time Homebuyer Tax Credit Ends Soon — Better Get Moving!
It’s been a boon for first-time homebuyers, but the $8,000 first-time homebuyer tax credit is set to expire in less than three months. The tax credit is part of a larger economic stimulus package designed to get the economy’s wheels turning again and the months of excess housing inventory off of the market. With time running short, what should those who want to buy a home and get the credit know? To qualify as a first-time homebuyer and get the most out of the tax credit you’ll need to meet the definition of a first-time buyer , fall under maximum income qualifications and meet purchase price standards.
New Widget: Do You Qualify for $8,000 First-Time Home Buyer Tax Credit?
No doubt that it’s a buyer’s market. Home values have taken a hit in most markets throughout the nation and mortgage rates are relatively low. Plus, the government has offered up an $8,000 first-time home buyer tax credit , further sweetening the pot for any first-time home buyer out there. The $8,000 tax credit has been a source of confusion by those who might be eligible, but aren’t quite sure if they fully meet the criteria. For example, do you know the definition of a “first-time home buyer” according to this tax credit offering? It doesn’t mean you’ve never owned a home before — it means to be eligible for this program, you cannot have owned a home for the past three years prior to purchase .
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