There is still time to take advantage of the 2009 Home Buyer Tax Credit offered to those who purchase a home before April 30, 2010. Over the last 10 weeks I’ve shared some pertinent information pertaining to the tax credit; to take a look at all of my posts on the subject, click here.

Here’s a recap of what I’ve shared:

• First-time buyers can qualify for up to an $8,000 tax credit
• To qualify as a “first-time” home buyer, an individual cannot have owned a principal residence for at least three years prior to the purchase of a new home; the history of both spouses will be considered if buyers are married
• Current homeowners purchasing a new principal residence can receive up to a $6,500 tax credit
• Maximum income for single tax filers to receive the credit is $125,000
• Maximum income for those who file jointly is $225,000
• The home you purchase must be your principal residence – this means it must be where you live most of the time
• You must use the home as your principal residence for at least 36 months after the date of purchase
• The type of home you purchase is not restricted to a particular kind
• Maximum value of the home you purchase is $800,000
• You must make at least a 3.5 percent down payment. The tax credit cannot be used as the sole down payment
• You can “monetize” your tax credit in order to apply it to your new mortgage if you use FHA-approved lenders; state housing finance agencies and certain non-profits are included on this list
• You must be at least 18 years old and not be claimed as a dependent by another taxpayer; nonresident aliens cannot qualify, permanent resident (green card holders) can
• Those who make more than the maximum income level can still qualify for a partial credit, based on an individual’s Modified Adjusted Gross Income
• The tax credit is NOT retroactive
• Individuals must sign and have the purchase of the new home finalized on or before April 30, 2010

Get all the details by downloading a free guide to tax credit information by clicking the following link:

2009 Home Buyers Tax Credit Guide-HS-1

About the Author: Stacey Boothe Snelling

Stacey Boothe Snelling studied Design at Iowa State with an emphasis in Architecture and has worked as a closing coordinator for a non-profit mortgage company. Among her many talents, she has experience in interior design, new-home construction and selling property in a down market.

You might also like:

• Home Buyer Tax Credit Series #10 – $6,500 Tax Credit for Current Home Owners
• Home Buyer Tax Credit Series #12 – Filing to Receive the Credit
• Home Buyer Tax Credit Series #8 – Caps and Income Limits