Chance Gates' Blog

Eligibility:

A home owner who has owned and resided in a home for a least 5 consecutive years of the 8 years prior the purchase date.  If married the law test for both home buyer and spouse.

Income Limits:

Single                                     $125,000

Married filing a joint return   $225,000

Other terms apply

Home Eligibility:

Any home that will be used as a principal residence, that cost less than or equal to $800,000.00, will qualify for the credit.

Important Note a home may not be purchased from a family member.

Down Payment Eligibility:

HUD allows buyers using FHA-insured mortgages to apply their anticipated tax credit towards their home purchase immediately.  These funds may be used for certain downpayment and closing cost expenses.

For some commonly asked questions re-visit

http://chancegates.com/2009/12/03/first-time-home-buyers-tax-credit-extension-quandaries-answered/

Other terms and conditions apply please talk to your CPA