The $8000 First Time Home Buyer’s Tax Credit and the FHA 203(k) Streamline
The answer is, “yes”.
And the question, of course, is “can I still be eligible for the $8000 first time home buyer’s tax credit if I use the FHA 203(k) streamline to buy my first home?”
The eligibility for the first time home buyer’s tax credit is based on whether or not you (or your partner if there are two borrowers) have owned a primary residence within the last 36 months. If you make it over that first hurtle then there is the income threshold.
You must still CLOSE on the purchase before December 1, 2009. With an FHA 203(k) streamline you can still have the work completed after the closing date. In fact you always have the work completed after the closing date.
A single borrower may earn up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. Check with your tax professional for full details but these are the IRS guidelines.
