Even with the economy still struggling and home prices stagnant, now is a very good time to be thinking about buying a home.  One big reason is you can qualify for a San Antonio first time home buyer tax credit of up to $8000 if you qualify.  But you must hurry because you need to purchase your principal residence before December 1, 2009.  Take a few minutes to get some more information about this first time home buyer credit and where to apply.

Click Here To Take Advantage Of The First Time Home Buyer Credit

The first thing you want to make sure is that you are eligible to claim a tax credit.  It does not matter if you're buying a new or pre owned home, the main condition is that it must occur between January 1, 2009 and before December 1, 2009.

To qualify as a first time home buyer, you must not have owned a principal residence for the previous three years.  This includes you and your spouse.

The tax credit is equal to 10% of the home's purchase price up to a maximum of $8000.

The tax credit is different from a tax reduction in that the credit is a dollar for dollar reduction in what you owe in taxes.

The home buyer credit is designed to help people in the lower income brackets purchase a house.  So if you're modified adjusted gross income is greater than $75,000 for single taxpayers and $150,000 for married taxpayers you may not qualify for the full $8000 credit.

Another great thing about this tax credit is that you do not have to repay it unlike previous tax credits.  You also must live in the home you are buying with this tax credit for at least three years or you may be forced to repay the credit.

You can use the first time home buyer tax credit in San Antonio to buy a single family home, a townhouse, a condominium, a manufactured home or mobile home or even a houseboat.

With the abundance of homes for sale in San Antonio and surrounding areas you are sure to find a good deal.  But time is of the essence.  So talk to a lending specialist like Cindy Elliott from United Lending to help you get into the home of your dreams.  She can explain everything you need to know about the San Antonio first time home buyer tax credit. Get current mortgage rates for VA, FHA, Conventional, and Texas Vet Loans.

Click Here To Take Advantage Of The First Time Home Buyer Credit