Who Is Considered a First Time Homebuyer
February 22nd, 2009 Categories: Real Estate News
Who is Considered a First Time Homebuyer in Salt Lake
Here is what HUDÂ considers a first time homebuyer.
-
An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers.
- A single parent who has only owned with a former spouse while married
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.
Remember I am a licensed real estate agent and not a tax consultant. To see if you qualify for the First Time Homebuyer’s Tax Credit please speak to a CPA.
Leave a Reply
Copyright © 2007 3 Pounds of Real Estate Agent Login Design by Real Estate Tomato Powered by Tomato Blogs