Individuals who go to contract by April 30, 2010 and close by June 30, 2010 may qualify for the first time home buyer tax credit of up to $8,000. There are specific qualifications that need to be met in order to qualify for the first time home buyer tax credit.
If you have never owned a home and you purchase a home strictly for investment with no intention of moving into the home as your primary residence, your purchase will not qualify for the tax credit. The IRS describes the home that qualifies as; “Main home. Your main home is the one you live in most of the time.”
There are other qualifications such as income guidelines you will need to meet in order to qualify for the first time home buyer tax credit. If you are interested in purchasing a home and would like to learn more about the tax credit, give me a call. 407-304-0255
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