2008 Federal Tax Credit
Refundable Tax Credit for First-Time Homebuyers
First-time homebuyers can receive $8,000 or 10 percent of the home's sale price in refundable federal tax credits on homes purchased between January 1 and December 1 of 2009. To be a first-time homebuyer, you must not have owned a home in the last three years. To receive the full tax credit, individual homebuyers must earn less than $75,000, and couples must earn less than $150,000. Buyers with higher incomes will receive reduced credits.
Homebuyers who owe less than $8,000 on federal taxes will receive the balance as a cash refund on their 2010 taxes. The tax credit does not have to be repaid.
The link to the federal tax form for the tax refund is below.
Click here for the federal tax credit form
MFA Can Turn Your Tax Credit Into A Down Payment
Click here to learn more about the MFA Tax Credit Loan
Combine the Tax Credit with MFA Programs
To qualify for a low-interest mortgage and down payment assistance, buyers must have incomes at or below 115 percent of the area median income, or $64,285 for a family of three in the Albuquerque area.
