$8,000 First Time Home Buyer Tax Credit

The $8,000 First Time Home Buyer Tax Credit has generated a lot of questions in the Rochester area. Hopefully I can clear up some of these with a little FAQ:

How Do I Qualify For the $8,000 First Time Home Buyer Tax Credit?
If you are a first time home buyer in the Rochester, NY area you will qualify for the First Time Home Buyer Tax Credit if you purchase a home and take possession on it by December 1, 2009.

Will the First Time Home Buyer Tax Credit Automatically Give Me $8,000?
Not necessarilly. The first time home buyer tax credit will give you 10% of the purchase price of the home, with a maximum of $8,000. If you purchase a home for less than $80,000 the credit you recieve from the first time home buyer tax credit will be less.

Will I Recieve Funds from the $8,000 First Time Home Buyer Tax Credit at or before closing?
No. You must buy the home using a mortgage or your own funds. The First Time Home Buyer Tax Credit will not be awarded until you file your new tax retun.

For the Purposes of the Tax Credit, what is a "First Time" Home Buyer?
You will be eligible for the $8,000 First Time Home Buyer Tax Credit if you have not had ownership interest in a home in the last 3 years.

If you have additional questions that you would like answered please post them in the comments section below. We are happy to help you understand the $8,000 First Time Home Buyer Tax Credit.