The Federal Tax Credits Blog

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Question: Am I still eligible for the $8,000 first-time homebuyer’s tax credit if I buy through FHA?

I’m a resident of Massachusetts and we have some first-time home buyer programs that will either give grants or subsidize interest payments through a “soft-second” loan to help curb having to pay PMI. If I take advantage of either one of these, would I still qualify for the $8,000 tax credit that’s part of Obama’s stimulus package?

Answer: As long as you qualify on all other counts (primary residence, actual first-0time buyer, not buying from close relative, etc.), yes you qualify. The one financing restriction (use of revenue bonds for financing) was removed from the latest incentive package.

Realtors say Mass. housing on rebound

SALEM and mdash; Andy Bouchard and his girlfriend, Entella Mustafa, looked at about 25 different houses before deciding to buy and renovate one on Bradley Road. “Most didn’t have what we wanted,” Bouchard said, “so we decided we might as well buy something a little bit cheaper and make it into what we want.”

First Time Home Buyer Tax Credit