A Question About First Time Home Buyers Tax Credit

[Tiara Murray]

Hello everyone.

I have a few quick questions about the first time home buyers tax credit. I am a college student looking for a place to live permanently until I finish up my last few years of college. Since the tax credit looks to be expiring in November, I was wondering if I am eligible for it? I am a single student with a small income, however I figured that I could buy a foreclosed home for under $5000 and keep the other $3000 for small repairs on the home and furniture. Do you think this would be a good idea? Do you have to qualify for a loan if the total purchase price of the home is less than the tax credit? Are college students even eligible being that most of us have little to no credit established? Please get back to me ASAP I would really like to take advantage of this opportunity...

Ciao
Tiara :mrgreen: