NWR: First time homebuyers credit

Are there any real estate agents or just brides that have done extensive research on this out there?
We are looking into getting a condo or townhouse and I know there's a lot of different credits and incentives for first time homebuyers out there but I have no idea where to begin!

Any help would be appreciated. Thanks

for any tax questions your best bet is to go directly to the IRS site.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Let me know if you need any help..i prepare taxes during tax season : )

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Posted by kat124

There are certain non-profits that work with banks to give you help with down payment. You must fall within a certain income bracket. FM me for the name of one such non profit. They work in Brooklyn, but could give you the name of a website or something.

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yea there are tons of organizations that will give you money, but you have to fall into that certain income bracket, which is really low so a lot of people can't get it.

you can get $8k for the first time homebuyer credit which you would file on your tax return, it comes in addition to your refund.

My FH and I bought a house this summer and we used this site which basically provides answers to many of the questions we had.

Home Buyers Credit

The major stipluations are that:
1- You and your FH have not purchased or owned a house in the past 3 years.
2- You close before 4/30/10 (just extended the date).
3-You can get up to $8,000 or 10% of the total cost of the home, whichever is higher.
4- It fazes out once you make more than $125,000 individually or $225,000 married filing jointly.

Let me know if you have any questions!!

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Posted by Future Mrs P

My FH and I bought a house this summer and we used this site which basically provides answers to many of the questions we had.

Home Buyers Credit

The major stipluations are that:
1- You and your FH have not purchased or owned a house in the past 3 years.
2- You close before 4/30/10 (just extended the date).
3-You can get up to $8,000 or 10% of the total cost of the home, whichever is higher.
4- It fazes out once you make more than $125,000 individually or $225,000 married filing jointly.

Let me know if you have any questions!!

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i actually did look at that site...how do you go about getting it? do you just wait until you file your taxes or do you have tofill out stuff before actually buying the house

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Posted by Future Mrs P

You dont have to fill out anything prior to buying the house. I printed out the specific tax form 5405 and youll need a copy of your HUD 1 once you close and you can send it in.

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thanks