First-Time Home Buyers Get $8,000 Boost – USA -

It’s summer, it’s a buyers’ market, and if you’re a first-time home buyer,* you’re sitting pretty because Uncle Sam is giving you an $8,000 tax credit when you buy a home.

Highlights:
Timeframe: Must purchase a home (close and receive title) on or after January 1, 2009 and before December 1, 2009.
Down payment or closing costs — Qualifying buyers can use these funds upfront as a down payment or for closing costs.
FHA-approved lenders, only — At this time, only FHA-approved loans are required if tax credit is used as a down payment.
Need 3.5% upfront — While the $8,000 tax credit can be used for the down payment or closing costs, home buyers must still come up with FHA’s required 3.5% down payment on their own.

~ by nliteam on June 25, 2009.