Posted by brandoncbsre on March 22, 2009 at 18:51:21:
Here is a link to an IRS website page that covers this…
1st time homeowner - Posted by terry
Posted by terry on March 22, 2009 at 17:38:58:
I was told if you have not owner a home in the last 2 yrs you can qualify to this grant. If it 2 or 3 yrs. and is it $7500 or $750?
Re: 1st time homeowner - Posted by Dave T
Posted by Dave T on March 23, 2009 at 22:30:43:
The lookback period is three years. If you have not owned a MAIN home in the past three years, you can be a first time homebuyer. The property must be occupied as a primary residence at least three years after purchase.
The tax credit is now $8000 or 10% of the purchase price of the home, whichever is less, and does not have to be repaid. You only get the tax credit when you file your tax return.
To qualify for the tax credit, you must be a first time homebuyer and complete settlement on your primary residence by the end of November 2009.
If a married couple purchase a primary residence, both must be first time homebuyers to qualify for the tax credit on their joint tax return.