Yes, according to posts at this website: http://www.cincinnatilivingonline.com/2009/02/2009-first-time-homebuyer-tax-credit-2.html
In a span of three years mainly, from 2008 to 2010, a person may qualify for the First Time Home Buyer Credit if they had bought primary residence from that year.
As a first time buyer you need to know your credit score and if you will qualify for a conventional loan before you start looking.
As long as the deed will be in the buyer's name they will quailify for the credit. The credit is for anyone purchasing a home (for the first time. There isn't a financing requirement. So in theory if someone wanted to buy a home outright with all of their own funds, then they would still qualify for the credit. However, if the person is still unsure, they should check with their tax professional. In fact, I would put a stiuplation in the contract and/or mortgage that you are not guaranteeing that they will qualify for the first time home buyer tax credit. Because if for so reason they don't, you don't want them coming after you for the credit.
No you cannot take the credit when you buy your home from a close relative. This includes your parents.
There are some restrictions. Examples: Dependents aren't allowed to claim credit, NO credit if home is price is above $800,000, and you must be at least 18.
I would love to know the answer to this question! I find conflicting data everywhere.
A first time buyer tax credit is a credit you can get if you purchased a house (primary residency) in 2008, 2009 or 2010. It reduces your tax bill (what you pay).
First time home buyers get a $8,000 tax credit for a home contract signed by April 30, 2010 (completed no later than June 30, 2010). Repeat buyers get a $6,500 tax credit.
Finding a company that offers mortgages to a first time home buyer that has bad credit is not an easy task. Mortgagedigger, govhomeloans and operationhope are companies that offer mortgages to a first time home buyer that has bad credit.
Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties' names, property address, purchase price and date of purchase.You also have to meet all of the other rules to be a qualifying first time homebuyer to qualify for the FTHBC.You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010.If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010.Go to the IRS.gov website and use the search box for First-Time Homebuyer Credit