If I have already purchased land and plan to build a home now, will I qualify for the 1st time home buyers tax credit?
You can qualify for the credit as long as you are in a contract to purchase by April 30th 2009. You also have to close, which includes closing of your home by June 30th 2009. If you are taking out a construction loan, you would need to have the land and the construction note combined into one note before June 30th 2009. If you choose to buy the land and have a builder hold the note until the house is built you will not qualify if closing is after June 30th 2009.

Posted By: Heather Moorefield on Saturday, February 20, 2010