Less than 5 months to use the first-time buyer tax credit

Published On: July 2, 2009

First-time buyers through December 1, 2009 can get an up to $8,000 check back for buying a home.

The first-time buyer tax credit is for anyone who hasn't owned a home in the past 3 years, who buys a principal residence and who doesn't make too much income ($75,000 for a single individual and $150,000 for a married couple).

The credit is 10% of the purchase price of the new home -- capped at $8,000.

A qualified buyer can get the credit now by amending last year's tax return or they can wait until they file their 2009 tax return.

The credit can even be used for downpayment and closing costs.  Idaho is one of only 10 states which has a program to lend agains the credit for those purposes.  To get a tax credit advance loan, one must use the Idaho Housing & Finance Association.  They will lend up to $7,000 and the only costs are $250 up front and 3% interest.   It is repaid when the buyer gets their credit.

To learn more about the credit, go to www.BuyerTaxCredit.com.