How to claim the First Time Home Buyer Tax Credit?

File form IRS 5405 ( available at http://www.irs.gov/pub/irs-pdf/f5405.pdf), First Time Homebuyer Credit along with filing.

- The 2008 tax return if not filed.

-amended 2008 tax return if already filed

-2009 tax return.

Good luck

First time home buyer credit

Hot off the Press..
Many first time home buyers have trouble coming in with the downpayment.There is a tax credit of $8,000 available for qualified home buyers.  The Govt is making this  tax credit available to be used as downpayment. The tax credit advance will be administered by governmental agencies and nonprofit organizations. The actual format is still being worked out, as you will notice below.
Here is how it will work….
1. this will be considered a second loan/lien
2. the tax credit , when combined with an FHA loan, may not give the borrower cash back.
3.if the borrower does not repay the tax credit.- payment of principal and interest of the second lien will begin automatically
4.the borrower must qualify for both the mortgage and the second loan (Tax credit lien)
5. if the payments for the tax credit advance are deferred they must be deferred for 36 months
6. if the tax credit advance as a second mortgage has a balloon payment the balloon cannot come due before 10 years.

The options and format will take some time to work out and I will post the findings when I have them.