The Bottom Line: First-Time Homebuyer Tax Credit

By now, you've heard about the First-Time Homebuyers Tax Credit -- enacted by the federal government last year, it promises rebate checks to first-time homebuyers of up to $8,000.

It's a great deal, that many have taken advantage of -- including one CBS6 viewer, who sent us a message on Facebook... saying he bought his first house, and now he's still waiting for his cash.  So CBS6's Dori Marlin paid him a visit, to get to The Bottom Line.

Jerry Skrocki calls his Amsterdam home, his "fortress of solitude."  His "fortress" is also the first home, he's ever owned.

"When I read about this first-time homebuyers rebate," Jerry said, "I decided, well let me check our the prices of homes in Amsterdam."

Two houses into his search, he fell in love... closing this past March, and taking advantage of the rebate in time for April 15th.

"So right before the deadline was when you got your amended return in?" Dori asked. 

"That's right," replied Jerry.

Dori asked, "And from then, it was supposed to be 12 weeks, correct?"

Jerry said, "Well, I didn't know that."

Unsure of how the process worked, Jerry thought maybe he'd get his rebate check -- or at least approval for it -- 30 days later.  But 30 days came and went.

He then called the IRS, which told him it would be 8-12 weeks -- not 30 days.  So he waited... and waited some more...

"At any point during this were you thinking, 'Alright, this thing is too good to be true, I don't know what's going on, where's the money?'" Dori asked.

"Yes," said Jerry.  "At least once a week."

When finally 12 weeks had passed, he was very concerned.

"I got alot of repairs I need to do on the outside of this house," he said, "And that money was going to be a down payment for that, so I was hoping to get the ball rolling a little sooner."

Shortly after that, Jerry called the IRS again, and finally found out he was approved.  One more week later -- 13 weeks total -- the check finally did arrive in the mail.

So maybe you're a first-time homebuyer, playing that same waiting game... or, maybe you're just getting started with the process. 

What's The Bottom Line on getting your return?  Dori called several sources with the IRS to find out, based in both Albany and New York City.

If you filed for the rebate on your original return, 3-8 weeks is the timeframe within which you should receive your rebate.  An amended return, like Jerry?  That 8-12 week timeframe applies.

What's the holdup??  According to the IRS, so many people applied for the credit, they are backlogged in getting the money out.

Jerry had requested the money be directly deposited  into his account, but instead received a check in the mail.  The IRS says, if you filed an amended return -- you cannot get the direct deposit.

Finally, you might have a little more money in your check, than you expected!  That's because the IRS is paying interest.  Jerry says he received an extra $67 and change, in his check.