FHA Mortgage and Tax Credit a Winning Combination for Southfield MI First-Time Home Buyers. The tax credit became available through President Obama’s economic recovery plan of 2009. This tax credit is available to anyone that has purchased a home between April 8th, 2009 and December 1st, 2009.
Limited Time For Tax Credit
The first-time home buyer tax credit rules differ between purchases made in 2008 and 2009. If you bought your home in 2008, it is not a true credit but a $7500 (or 10% of the purchase price, whatever is lower) interest free loan that is payable over the next 15 years in equal installments each year you file your taxes. If you bought your home in 2009 (before December 1st, 2009) you will receive an $8000 (or 10% of the purchase price, whatever is lower) tax credit when filing your tax returns and do not have to repay the credit.
The program defines a first time homebuyer as anyone who has not had ownership interest in real estate in the past 3 years. This is a broad definition and is an amazing opportunity for home buyers to get a great deal on a new home and get cash back from the federal government at the same time.
Michigan homebuyers have a great advantage with this program. Whether you’re buying in Southfield, Royal Oak, Farmington Hills, Livonia or Warren, utilizing the FHA mortgage loan with the tax credit to buy yourself a home will help you keep more money in your bank account. Feel free to contact me with any questions you have regarding your home purchase. Go FHA!
*This is not an offer to lend. 
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