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First Time Home Buyer Credit - IRS tax forms - first time home buyer eligibility


First Time Home Buyer Credit - IRS tax forms-first time home buyer eligibility

First-Time
Homebuyer Credit
Presented by
Earned Income Tax Credit/Pre-
Refund Office
and
Taxpayer Advocate Service
Homebuyer Credit Laws
? The Housing and Economic Recovery
Act of 2008 (HERA)
? The American Recovery and
Reinvestment Act of 2009 (ARRA)
? The Worker, Homeownership and
Business Assistance Act of 2009
(WHBAA)
? Homebuyer Assistance and
Improvement Act of 2010
Homebuyer Assistance and
Improvement Act of 2010
? Eligible Taxpayers who contracted to
buy a home before the end of April 2010
now have until Sept 30, 2010 to
close on the deal.
? President Obama signed this act into
law July 2, 2010

Who qualifies as a first time home buyer? In laymans terms, the definition of a first-time buyer is an individual who has never owned a property before. To put it another way someone getting a mortgage who isn’t a homeowner, homemover, buy-to-let investor or just remortgaging is classed as a first-time buyer. However, there are a few nuances which make it a bit more complicated than that.