Federal Housing Tax Credit - AKA The First Time Home Buyer $8,000 Tax Credit

In a couple of days we will put up an interview with our accountant Cameron talking about the 1st time home buyer $8,000 tax credit, but because we get questions everyday about this program we wanted to get the discussion started now.  FYI, Cameron is the expert on this subject so make sure you check back in later this week for his interview.


Most important eligibility requirements for getting your $8,000 tax credit:

• You and your spouse have not owned another principal residence at any time in the last 3 years.
• You must have a Social Security number or an EIN number. (i.e. you pay taxes).
• Your gross income must be less than $75,000, or $150,000 if you file a joint return.
• You must purchase a home between January 1, 2009 and December 1, 2009.

The biggest question that we get is 'do owner financed homes qualify for the $8,000 tax credit?'  The answer is 'Yes' you can receive the tax credit if you purchase one of our owner financed homes.  It takes several weeks to receive the tax credit after you purchase the home so you are not able to use the $8,000 for your down payment of one of our owner financed properties, however you can use it for buying down the principal amount on your home and ultimately lowering your payments.  

Many of our buyers use the tax credit to pay back a friend or loved one that loaned them the down payment for their home.  So even if you don't have money for a down payment you can borrow it from someone that you know and pay them back when you receive the tax credit.

Give us a call if you have any questions about the tax credit and purchasing one of our owner financed homes.  Brick Home Partners 512.456.3657