Mortgagee Letter 2009-15 provides basic information on the first-time homebuyer credit obtained from the IRS website, including complete information on how the first time homebuyer tax credit works, the eligibility requirements for the tax credit, the amount of the tax credit that a first-time homebuyer may be eligible to receive, and how a homebuyer may claim the tax credit is available on the IRS website. The mortgagee letter also provides guidance on how FHA-approved mortgagees and FHA-approved nonprofit organizations as well as Federal, state, and local government agencies or instrumentalities may assist homebuyers that are eligible for the tax credit.
