I am not a U.S. citizen. Can I claim the tax credit?

Perhaps. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS provides a definition of “nonresident alien” in IRS Publication 519.

Would I be considered a first time homebuyer if I owned a principal residence outside of the United States within the previous three years?

Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.

Churchill Mortgage would be happy to assist you if you are interested in taking advantage of the Homebuyer Tax Credit.  Contact one of our Home Loan Specialist at 1-888-562-6200 for more information or to get pre-qualified for your loan.  Just make sure to have your purchase agreement signed by April 30, 2010 and the closing documents signed by June 30, 2010.