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If you seek an FHA loan, time is very short to take advantage of the First Time Home Buyer's Tax Credit. Current guidelines have the plan expiring at the end of April, 2010.

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News and Updates for Homeowners

Can I Still Get a First Time Homebuyer's Tax Credit?

April 7, 2010 - If you seek an FHA loan, time is very short to take advantage of the First Time Home Buyer's Tax Credit. Current guidelines have the plan expiring at the end of April, 2010. According to current guidelines, as long as a binding sales contract has been signed no later than April 30, 2010, the buyer is able to claim the $8,000 tax credit.

WHEN TO CLAIM

If you purchased your home after November 6 2009, but before January 1, 2010, you can claim your tax credit when filing your tax paperwork for 2009. The current rules forbid you to amend your 2008 return to make the claim when the home was purchased between those dates. If you took out an FHA home loan and closed on the house in 2010 you can claim the tax credit on either your 2009 or 2010 income tax. To claim your tax break on your 2009 taxes, you may be required to file a paper tax return instead of an e-filed version. Check with your tax preparer or visit IRS.gov for more information.

INCOME REQUIREMENTS

The First Time Homebuyer's Tax Credit program has income requirements for single and married buyers. If you are taking out an FHA mortgage as a single person, your income must be no more than $125,000 per year to qualify for the full tax credit. Married borrowers must make no more than $225,000 per year. If you make $145,000 per year as a single person, you are eligible for a partial tax credit under the program. Married taxpayers who make no more than $245,000 a year are also qualified for partial credit.

There's one important exception to the April 30, 2010 deadline for the First Time Homebuyer's Tax Credit program; some military members get up to a full year of extra time to take out an FHA loan, VA home loan or conventional mortgage and claim the tax credit. If you are in the military and on "extended duty" outside the continental United States, you have until April 30, 2011 to buy and claim. Some federal employees are also eligible.