• That the first time home buyer credit of $8,000 for 2009 is an increase from $7,500 for 2008 buyers?
• That you don’t have to pay this $8,000 back while $7,500 for 2008 is required to be paid back over the period of 15 years? This $7,500 was more like an interest-free loan and this paying back over 15 years starts from an individual’s 2010 tax return.
• That this credit only applies to a principal residence or owner-occupied housing?
• That a person can be considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase?
• That a minimum purchase amount for $8,000 credit is $80,000 purchase price? If the house costs less than $80,000, the credit will be 10% of the cost. Thus, if an individual purchased a home for $75,000, the credit would be $7,500.
• That this credit is claimed on your tax return? If you want to find out how this gets computed in tax return and how your withholding affect this credit, send me an inquiry and I will send you a full FAQ’s and tax computation examples.

It’s official! FHA-approved lenders received the go-ahead to develop bridge-loan products that enable first time home buyers to use the benefits of the federal tax credit upfront, according to eagerly awaited guidance from the U.S. Department of Housing and Urban Development on so-called home buyer tax credit loans that was released 5/29/2009.

Get more information now.