How does the 7500 tax credit for first time home buyers work?

Question

I know that is actually an interest free loan that has to be paid back, but exactly how do you get the money? Also, my husband and I just purchased our first home through fha. We used the down payment assistance program for our downpayment. Are we still eligible?

Answer 1

Yes, you still qualify.  We are all wondering exactly how this credit will work.  THe first loans are working their way thru the system.  The only information today is from the mortgage companies so fill out a loan application and let us know.

Answer 2

This is a tax credit that you report on your tax return.  

Call the IRS for help.

Answer 3

One of my friends has asked me a similiar questions before,we found helpful here.http://home-mortgage.online-tips4u.info/...

Answer 4

This site offers the details:

http://www.federalhousingtaxcredit.com/g...

If you have just purchased, then you fall right in the TIME requirement that your purchase close date be from April 9, 2008 and before July 1, 2009. There are income level qualifications, and a requirement that you be a 'first time buyer', among other variables which affect the qualification.  Read the above web page for all the details.  

For a final word, consult your tax accountant.  Turbotax is a good reference. And IRS is the final authority.  

Answer 5

Here is detailed information on the program

http://answers.yahoo.com/question/index;...

Answer 6

You are not eligible, because the program you already used can not be combined with other programs.