Home Buyer Credit Law
May 5th, 2010
Question: Am I qualified for the new first-time-home-buyer $7,500 tax credit?
I am in the process of a short-sale house purchase. The house then will be rented back to the current owners with the hope that they can eventually re-purchase it.
My question is whether this purchase qualifies for the $7,500 tax credit in the new federal housing law. I have rented myself for many years, so I am a first-time buyer. However, I will not use the newly purchased house as my principal residence, which seems to be another requirement. Any help is appreciated
Answer: You should be qualified for the tax credit since you are a first-time homebuyer. But as you mentioned, you will not use it as your principa residence. I can suggest a couple of things: first, stay in it until it is alright for you to cease living in it, just to make sure that you avail of the tax credit; second, check out the Federal Housing Administration’s site or HUD.
This article might give you some help:
http://new.housingassistancenetwork.com/posts/view/home-sharing-can-help-you-avoid-foreclosure
or:
http://www.mortgages-for-everyone.com/news/what-are-the-benefits-of-hr-3221/
You can get a lot of info from both sites. Goodluck on your home-hunting!
Home buyer tax credit ends Friday
Home buyer tax credit ends Friday
Home Buyer Tax Credit In Dublin, Alameda County And California Signed Into Law
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Tags: buyer, buyer credit, credit, credit law, first time home buyer credit law, home, home buyer, home buyer credit law, law, realestate