Who Qualifies as a First Time Home Buyer?
Ken Cook, gives a good explanation of who qualifies as a first time home buyer. Good to know now that the $8,000 tax credit is drawing some interested lookers.
On one of my blogs the traffic logs keep showing a certain search string containing something similar to "who qualifies as a first time home buyer". There is a remote possibility you, the reader, may not know why this is a popular question. If so the short answer is: Congress just raised the first time home buyer tax credit from $7,500 to $8,000 and extended the qualifying purchase period to homes purchased between January 1 and December 1 of this year (2009).
There are literally thousands of blogs and articles dedicated to explaining the changes so this one deals with this one question only. Who qualifies as a first time home buyer? The answer is dependent on a couple of conditions so the explanation breaks those apart:
If the buyer is single they cannot have owned a primary residence within the last 36 months. This means they cannot have been on title in the last 36 months even if they are a co owner, buyer or signor.
If the buyer is married they nor their spouse may have owned a primary residence in the last 36 months. Investment properties and second homes do not count against them.
Here's the best thing to do if you live in Georgia or Florida and you think you may be a first time home buyer then call me at 866-946-0120 extension 101 or email me at ken AT novationmortgage.com
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