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When Can I Get My First Time Home Buyer $8000 Credit?

May 31, 2009

The 2009 First Time Home Buyer Credit was created so that a Buyer can take the credit on their 2009 tax return, in which case they would receive it in 2010. Or a Buyer can amend their 2008 tax return, in which case they will receive it a short time after settling and filing an amended 2008 tax return.

Buyers of course would find it useful to have the money at the time of purchase to pay closing costs. Recently there was talk of a bridge loan that a buyer could use for that purpose, but where could a buyer get such a loan?

On May 29, a bridge loan was approved for FHA mortgages. It now remains for FHA to creates such a loan.  Buyers would still have to pay the 3.5% down payment which is the minimum required with this loan from thier own funds.

The credit is available for First Time Home buyers purchasing their personal residence which can be a house, condo, mobile home or house boat. The home must be purchased and settled by Dec 1, 2009.

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