| If you are looking to buy your first home in the near | | | | decide to sell it), then the credit must be repaid. |
| future, it is likely that you have heard about the first | | | | Exceptions may apply to members of the armed |
| time home buyer stimulus program which offers you a | | | | services, intelligence community, and the Foreign |
| tax credit of up to 10% on the purchase price of your | | | | Service who are under government orders for |
| home (up to $8000) if you purchase by April 30th of | | | | extended duty service. Next, you do not qualify for the |
| next year. You are probably also familiar with the | | | | credit if you bought the home from a close family |
| basic qualifying criteria like not having purchased a | | | | member such as spouse, parent, grandparent, or child. |
| home as your "primary residence" in the three years | | | | You also cannot claim the credit if you are a minor or |
| prior to your current purchase and being within certain | | | | non resident alien. Residents living in the District of |
| income limits. There are, however, certain lesser | | | | Columbia who have claimed the Washington D.C. first |
| known restrictions and exceptions surrounding the | | | | time home buyer credit also do not qualify. There is |
| regulations that could impact your eligibility. Failing to be | | | | some good news for you, however, if you are a |
| aware of these provisions could result in an unpleasant | | | | member of the armed services, Foreign Service, or |
| experience with you being denied the credit or required | | | | intelligence community serving overseas. If this |
| to repay it. Conversely, if you meet certain conditions, | | | | describes your current situation, then you have an |
| the law may make certain exceptions that allow you | | | | additional year to purchase your home. This means |
| to receive the credit even if you normally wouldn't | | | | that you have until April 30th, 2011 to enter into a |
| qualify. | | | | binding agreement and until June 30th, 2011 to close on |
| Firstly, you must keep in mind that this program is | | | | your purchase. |
| designed to assist genuine first time home buyers who | | | | Although the basic qualification criteria surrounding the |
| are purchasing a home as their primary residence. | | | | first time home buyer credit are relatively simple, the |
| House flipping is not encouraged. The law requires that | | | | devil does indeed lie in the details. Make sure you avoid |
| you maintain the home you buy as your primary | | | | disappointments and missed opportunities by doing all |
| residence for at least three years following your | | | | your research and staying up to date on the latest |
| purchase. If at any point during that period your home | | | | developments. |
| ceases to be your primary residence (such as if you | | | | |