It's summer, it's a buyers' market, and if you're a first-time home buyer,* you're sitting pretty because Uncle Sam is giving you an $8,000 tax credit when you buy a home.
Highlights:
*Timeframe: Must purchase a home (close and receive title) on or after January 1, 2009 and before December 1, 2009.
*Down payment or closing costs -- Qualifying buyers can use these funds upfront as a down payment or for closing costs.
*FHA-approved lenders, only -- At this time, only FHA-approved loans are required if tax credit is used as a down payment.
*Need 3.5% upfront -- While the $8,000 tax credit can be used for the down payment or closing costs, home buyers must still come up with FHA's required 3.5% down payment on their own.
» More about $8,000 Tax Credit
* First-time home buyer means you cannot have owned a home for the past three years prior to purchase.
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