I'm not a first time buyer can I still get the $8,000 tax credit?

by Team Leader - Andy Elliott

Is it just the first time buyers that get to take advantage of the tax credit? Are they the only ones that the government was targeting when it was trying to stimulate the housing economy?

In a word NO! The idea that the tax credit is only for first time buyers is one of the biggest misconceptions out there. The concept in giving this credit was to target new buyers or old buyers that have been sitting on the sideline for an extended period of time and drive them into the buying market. By getting more buyers in the market the housing market could begin to recover.So who else besides first time buyers can qualify?

Basically anyone can qualify who is buying a home for their personal residence and who has not owned a home in the last three years. This means that if you are looking to buy a home and you haven't owned a home in three years this may be your perfect storm.

Here are some other great questions about the tax credit:

1. Do I have to pay it back?
2. Can I use it towards my downpayment?
3. Would if I don't need a tax credit, can I get it as cash back?

These are some great questions to investigate and we'll gladly send you a complete rundown of the ins and outs of the credit.

For an e-package with detailed information on the tax credit you can email taxcredithelp@sieboldandcombs.com