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First Time Home
Buyer's Tax Credit

The first time homebuyer’s tax credit, introduced by the American Recovery & Reinvestment Act of 2009, allows qualified first-time homebuyers to receive up to $8,000 in tax credits.

When the tax credit is used in conjunction with a VA home loan, which requires no down payment, First time home buyers receive the deal of a lifetime!

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Tax Credit Requirements

First time home buyers must meet the following requirements in order to be eligible for the tax credit:

Purchase Requirements



To qualify for this tax credit, your home must have been purchased on or after January 1, 2009 and on or before April 30, 2010.

Income Requirements

Any purchases made after Jan 1, 2009 and before November 6, 2009 are subject to income limits of $75,000 for single tax payers and $150,000 for married couples who file joint tax returns.

Any purchases made after November 6, 2009 are subject to income limits of $125,000 for single tax payers and $225,000 for married couples filing joint tax returns.

Eligibility Requirements

First time home buyers (defined as anyone who has not owned a principal residence during the three years preceding the purchase date) who are buying a home they intent to occupy as their primary residence are eligible as long as the home’s value is less than $800,000.

Tax Credit Amount

First time home buyers can receive a tax credit equal to 10% of the home's purchase price, but not exceeding $8,000. The tax credit is claimed on your federal income tax return after closing on your home loan.

 

Eligbility Questionnaire

1. When was your home purchased?
 (mm/dd/yyyy)
2. What income bracket do you fall into?
3. What is your marital status?
4. What is the appraised value of your home?
5. Are you a first time home buyer?*

*First time home buyers are defined as anyone who has not owned a primary residence in the past three years.