First Time Home Buyer Credit

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Complete First Time Home Buyer Tax Credit Information.

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If you are a first time home buyer who was hoping to take advantage of the $8,000 tax credit for first time buyers, the bad news is that the program has officially expired. But all is not lost! In some instances, you may qualify for a first time home buyer tax credit extension. You should read the list of qualifications to see if any apply directly to your situation.

First Time Home Buyer Tax Credit Expired

Unfortunately, to qualify for the first time home buyer tax credit, you must have completed the purchase by April 30, 2010, as required by the Worker, Homeownership, and Business Assistance Act of 2009 (which was the law that was passed that extended the first time home buyer credit into 2010).

Also, to have qualified for the first time buyer tax credit, single taxpayers could have an annual income not greater than $125,000, and married couples could not have incomes that exceeded $225,000.

If you are a first time buyer and regret missing the tax credit, you need to know that even though the Federal first time home buyer tax credit has expired, there are still multiple state and local programs and grants available to help you with the funding needed to buy your first tome. You should also visit the First Time Home Buyer Grants page for information on down payment assistance that can help you qualify for a first time home buyer loan.