the 8k tax credit

[B'sA 0]

Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

[Sal and Jay 2]

[/color]

Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

[B'sA 0]

[/color]

Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

Congratulations on your purchase!

So, your down payment came from your personal savings?

[BishopMnA 0]

[/color]

Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

Congratulations on your purchase!

So, your down payment came from your personal savings?

My wife and I just bought our house and also qualified for the $8000 tax credit. However, I was not aware that you could 'file early' for the tax credit. I thought that you could only take the credit when you did your year end taxes for the year.

Anyways, I suspect that the bank will want you to have 'your own funds' for closing (not borrowed/not tax credit). I know that my lender was very strict on this point...and it is considered normal.

But...here is something that 'feels like a trick' regarding the $8000 tax credit, but once your read the fine print you realize that it really isn't a trick...just misleading. The details of the $8000 tax credit are such that you can receive a credit of 10% of the sales price of your new home - UP TO $8000.

So, if you buy a $100,000 house, your tax credit is $1000. If you buy a $200,000 house, your tax credit is $2000. Only if you buy a $800,000 house will you get the full $8000. That is something to keep in mind.

Peace,

MarkNAam

[*JG* 2]

[/color]

Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

Congratulations on your purchase!

So, your down payment came from your personal savings?

My wife and I just bought our house and also qualified for the $8000 tax credit. However, I was not aware that you could 'file early' for the tax credit. I thought that you could only take the credit when you did your year end taxes for the year.

Anyways, I suspect that the bank will want you to have 'your own funds' for closing (not borrowed/not tax credit). I know that my lender was very strict on this point...and it is considered normal.

But...here is something that 'feels like a trick' regarding the $8000 tax credit, but once your read the fine print you realize that it really isn't a trick...just misleading. The details of the $8000 tax credit are such that you can receive a credit of 10% of the sales price of your new home - UP TO $8000.

So, if you buy a $100,000 house, your tax credit is $1000. If you buy a $200,000 house, your tax credit is $2000. Only if you buy a $800,000 house will you get the full $8000. That is something to keep in mind.

Peace,

MarkNAam

You are basing your figures on 1%. It is 10%.

[*JG* 2]

I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

[Sal and Jay 2]

I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

[*JG* 2]

I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

This year? As in amend 2008? Seriously???????

[Sal and Jay 2]

I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

This year? As in amend 2008? Seriously???????

Yes thats correct, im not aware if it will non repayable next year so if you are entitled to it I would file for it as soon as you have the closing on your property.

[Sal and Jay 2]

I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

This year? As in amend 2008? Seriously???????

Yes thats correct, im not aware if it will non repayable next year so if you are entitled to it I would file for it as soon as you have the closing on your property.

I googled this and this is what i found may clarify things for you.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

[Rob_Lesya 4]

Usually you have to repay this but this year if you file as an amendment it is not repayable.

You do NOT have to file an amended return.

As long as you are a first time homebuyer and close on the house BEFORE December 1st, you will qualify for the tax credit and will not have to repay it if the home is your principal residence and you remain in the home for 3 years.

Edited September 22, 2009 by Rob_Lesya

[Peachey 10]

If you make too much money you don't qualify as well.

[Mononoke28 135]

You do NOT have to file an amended return.

As long as you are a first time homebuyer and close on the house BEFORE December 1st, you will qualify for the tax credit and will not have to repay it if the home is your principal residence and you remain in the home for 3 years.

Rob_Lesya have it right. Also it is 10% up to $8k. So in the example above if you buy a $100k home you should be getting $10k (10%) but since it's only up to $8k then that's what you get.

Diana

Edited September 22, 2009 by Mononoke28

[letty 1]

We received this tax credit since we bought our first house in May. The sells price was $80,000 so we received the maximum of $8,000. Since we needed to do a lot of repairs on the house we went ahead and ammended our taxes of 2008 and received the credit within 2 months including interest!! Yes, they paid an extra $25 over the time we applied and they processed our request. I don't complain, but I thought it was a weird deal....

Anyway, the money is an interest free loan UNLESS you keep the house for at least 3 years and you don't have to pay it back. So if you sell it before the 3 years or rent the house out you have to pay it back. I haven't found any hidden tricks yet and are very happy with our new house.

Letty

You do NOT have to file an amended return.

As long as you are a first time homebuyer and close on the house BEFORE December 1st, you will qualify for the tax credit and will not have to repay it if the home is your principal residence and you remain in the home for 3 years.

Rob_Lesya have it right. Also it is 10% up to $8k. So in the example above if you buy a $100k home you should be getting $10k (10%) but since it's only up to $8k then that's what you get.

Diana

[B'sA 0]

Thanks to everyone who replied!!!