Kansas City First Time Home Buyer Tax Credit-Maybe It's Not What You Thought!

Kansas City First Time Home Buyer Tax Credit-Maybe It's Not What You Thought!

We keep hearing about how the first-time home buyer tax credit is helping to push the real estate sales in our area. We keep hearing how interest rates are at historical lows with housing inventory in abundance for those seeking to purchase. But, what we are not really hearing much about is what are the "nuts and bolts" of the first-time home buyer tax credit.

I received an email earlier today from a previous client asking me if one could qualify for the first-time home buyer tax credit even though they had previoulsy owned a home. It occured to me after replying to my client's email and attaching a chart that outlines some of the eligibility requirements that maybe we need to be a little more proactive in educating the public on this great opportunity before it is gone...because it is scheduled to end...I mean you do know that the scheduled deadline for the credit is coming up and you do know that some loan programs allow you to use your tax credit towards a required down payment and you do know that you may not qualify to receive the tax credit if you buy your home from a relative and, and, and.....Well, guess what? Most buyers and realtors are not completely familiar with the rules and requirements of the first-time home buyer tax credit. I thought I was, but then, decided to dig a little deeper and found out, there are some very critical aspects of the program that I needed to learn and all good agents and buyers need to be familiar with if you are working with first-time homebuyers.

Sure, it's easy to keep reminding folks that they need to take advantantage of the tax credit. But, to be a really good qualified real estate agent working with first-time home buyers and to be a really educated home buyer, we need to really familiarize ourselves with the program. For example, we need to be careful in telling a buyer that they qualify for the credit when maybe they won't. For example, we need to be aware of our State programs that may or may not offer programs that can be used in association with the Federal tax credit program.

Over the next few weeks, I am going to continue to blog about the first-time home buyer tax credit in hopes that it will enlighten someone to take advantage of the credit before it is gone...I mean you do know that it is scheduled to end? Don't you?


Contact me if you would like to visit about whether you qualify for and other important information about the first-time home buyer tax credit and for information on how you might use your tax credit towards your down payment.

Suzanne Hinton-Hinton Homes-Kansas City First-Time Home Buyer Real Estate Specialists
"Voted 5 Star Best in Customer Satisfaction Real Estate Agent"

Information provided for herein is deemed reliable, but not guaranteed.