First Time Home Buyer

Why is being a first time home buyer important? The first time you buy a home you may be eligible for special discounts and financing. First time home buyers tend to be inexperienced and so they are more likely to experience pitfalls during the home purchase process. Learn what you should look out for when you're a first time home buyer here.

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8000 First Time Home Buyer Tax Credit Not Available If You Owned A Home Within Last Three Years

$8000 First Time Home Buyer Tax Credit Not Available If You Owned A Home Within Last Three Years
When it comes to the IRS and the home buyer tax credit, the rules are rather strict. To qualify for the $8000 first time home buyer tax credit, you must not have owned a home as your residence for the last thirty six months. You can still qualify for the tax credit if you owned other types of real estate, but you can not have owned residential real estate if you used that home as your residence. And, if you want to qualify for the $6500 home buyer tax credit, you must have owned a home for the last 5 out of 8 years. If you married in the last several years, you need to know that you and your spouse must qualify in the same manner to get either tax credit. If one of you does not qualify for one of the tax credits, the other spouse fails to qualify also.

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