This reason only applies to eligible first time home buyers; but, you will be amazed at how many people qualify as a first time home buyer. Congress' definition of a first time home buyers is anyone who has NOT owned a primary residence in the last 3 years before your closing date on a new home. Thus, someone who owns a second home or a rental property could qualify as a first time home buyer!
If you last owned a primary residence, a home in which you lived in, more than 3 years ago you qualify for this credit!
If your parents or other family member own a home and they are co-signing with you to help you buy your first home you still get the $8,000 credit!
If your significant other has owned a home in the last 3 years and you have not, you can still claim the credit, all $8,000 of it, IF you buy a home BEFORE you get married, if a wedding is in your future. Sounds like a good way to help pay for your wedding!
But, don't miss out as this credit expires on November 30, 2009! You MUST CLOSE on your new home by this date! With only 3 months to go I would recommend against writing offers on "short sale" properties as they often take 3 to 5 months to close. Don't let this opportunity pass you by!
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