Do You Qualify as a "First-Time" Home Buyer"?
This is the seventh in a 12-part series of weekly posts on the 2009 Home Buyer Tax Credit. To see all the posts in this series, click here.
Today we’re taking a look at some definitions of the home purchases that will qualify you to take advantage of the 2009 Home Buyer Tax Credit.
As I’ve stated in previous blogs, a “first-time home buyer” can qualify for an $8,000 tax credit; the definition of a first-time home buyer – as defined by the government program – can be a bit confusing, though. Essentially, you are a “first-time home buyer” if you have not owned a principal residence for three years or more prior to the purchase of your new home. Principle residence, by definition, is a home in which the buyer lives the majority of the time (and is located within the United States).
If you are married, both your and your spouse’s history of homeownership will be used to determine whether or not you are a first-time buyer. If either of you has owned a home in the last three years, you will not qualify for the $8,000 tax credit. This is not the case, however, for individuals who wish to purchase a home jointly but are not married; unmarried joint home buyers can receive the tax credit if either of them meets the first-time home buyer requirements.
If you happen to own a vacation or rental property, but not a primary residence, you will still be considered a first-time home buyer; remember, if you haven’t owned a primary residence (where you live most of the time) in three years, you will qualify for the $8,000 tax credit.
You can find out more and download a free guide to tax credit information by clicking the following link:
March 4th, 2010 at 8:24 pm
I owned a mobilehome for about 10 years and I bought a house in May 2009 do I qualify for the first time home buyers taX credit.
I never owned the land the mobilehome sat on the mortgage loan I got was a first time home buyers loan.
March 4th, 2010 at 9:02 pm
You should definitely qualify, then! In addition to looking over the tax credit guide (a link is provided at the bottom of each of the tax credit series’ blogs) you could also take a look at http://www.federalhousingtaxcredit.com/faq1.php to see if you qualify! Good luck to you!!
August 26th, 2010 at 9:53 pm
The $8,000 tax credit is gone. What do we do now? Mortgage rates are at record lows. House prices are falling week after week. However, house sales are flat and in most markets declining. This goes for new and existing home sales.
We might need to get a new stimulus house tax credit. But this time make it $10,000 and make it available to everyone. As long as you are purchasing a residential property you can apply.