futuremrsLdiannetoy
we are buying a fixer upper home... only $40,000. . . so we will only get $4000 back?! 10% right. I'm soo confused with all of this.someone please talk English to me!

stumpfa
The $8,000 is a tax refund. You will not have it at the time of closing.

laurelr1018
Don't be afraid to look in areas you like but you thought were too expensive. We were able to buy in a town we thought was out of our price range because the prices have gone down. The taxes are comprable, and we are in a much nicer neighborhood!

kahreyXseaven
So does this tax credit go on your mortgage when you buy or do you recieve it as a "refund" on your 2009 taxes? I don't really understand where exactly the money goes.

hisboops813
Darci as long as you file an amended tax return by October 15th you should qualify for the $8,000 this year?

Darci-Leigh
You can also claim it on your 2008 tax return if you file for an ammended tax return BEFORE October 15th!!!

ealliso
The $8000 (or 10% of the home's purchase price, whichever is higher) tax credit has passed for first time homebuyers and those who have not owned a property in three years! You will not have to pay it back and can claim it on your 2009 taxes next year as long as you purchase a primary residence by the end of November. That combined with the lowest mortgage interest rates we've seen in years- what are you waiting for???