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1st Time Home Buyers Tax Credit?

I've been doing my research on the tax credit and I was wondering if anyone had any expierence with it?  I know it is a credit to your taxes, but was talking to my dad last night and he told me that they give you the installment in chunks, not all at once.  I've googled it so many different ways, but can't seem to find the answer to my question. 

 TIA!

Re: 1st Time Home Buyers Tax Credit?

  • I would talk with you bank about it. We didn't qualify b/c I had previously owned a house. So we did the new house just under DH's name and he didn't qualify to due income. So we got nothing from it. Sorry that's not very helpful.
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  • We just did our taxes and it is literally $8k back to us, completely separate from our income.
  • We got a check from the IRS for $8000 all at once.  And it came very quick!  We had to file an ammendment to our taxes because we bought it in May but it was very easy to do.
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  • Damn, I wish we would have waited on buying a house. That $8,000 would have been nice =)
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  • Do you have to do anything special when you're in the home-buying process to qualify for it, or do you just do something special while you're doing your taxes?
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