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Who Is Eligible For The First Time Home Buyer Credit?

Even if you’ve owned a home in the past, you might be eligible to qualify for a tax credit as a “first time home buyer,” under the rules of the economic stimulus program passed by the Obama Administration in February 2009.

Here are the details of the first time home buyer tax credit:

• Must be under contract with a the home by April 30, 2010. Close by June 30, 2010.
• Must not have owned an interest in a primary residence in the three years prior to the purchase.
• Tax credit never has to be paid back, as long as you stay in the home at least three years.
• Tax credit is good for up to 10% of the purchase price of the home, up to $8,000.

Under the revised tax-credit stimulus  program available to ALL home buyers that

  • the deadline for putting a home under contract is before April 30th, 2010 and closing June 30, 2010.
  • up to $6500 is available as a tax credit
  • Income caps have been increased from 75,00o to 125,000 for singles and 150,000 to 225,000 for couples.
  • You must have lived in your home at least five consecutive years of the eight years prior to the purchase date before upgrading and getting the tax credit.

To make buying your first home in the Denver metro area even easier, the Colorado Housing and Financing Authority (CHAFA) announced their own program in April 2009. CHFA’s JumpStart program will lend up to $6,000 (or 3.5 % of the purchase price of the home, whichever is less). The money’s not due until June 30, 2010, by which time, you should have received your tax credit check from the federal government.

Thanks to this CHFA first time home buyers program and others like it in the Denver metro area, you can now buy a home with very little money down.

For specific details, check with your accountant, or contact mortgage broker Andy Jorgensen, (303) 753-9135.

Dan and Gary show condos, lofts, town-homes, and houses in your price range in Denver, Englewood, Littleton, Centennial, Aurora, Arvada, Wheat Ridge, Golden, Broomfield, Westminster, and Brighton.