Here are the highlights for the First Time Home Buyer Tax Credit for buying a home in 2009.

• 10% of Sales Price up to $8,000
• Have not owned a home in the last 3 years
• Don’t have to pay it back
• Must buy by December 1, 2009
• May amend 2008 tax return to claim money right after settle
• Income phase out starts at $75,000 for individuals and $150,000 for joint filers
• $4,000 max for a married person filing separately
• Must live in the property as a principal residence for 36 months or have to pay full tax credit back
• Credit is applied for on IRS form 5405
• You cannot take credit if but home from a close relative
• FHA just came out with Mortgage Letter for homebuyers to take tax credit before they buy a home as a loan from an acceptable source. Cannot use toward 3.5% minimum down payment for FHA Loan.

If you have questions about a tax credit or qualifying for a first time home buyer loan please feel free to call me at 302-703-0727 or you can APPLY ONLINE HERE.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713