$7500 Tax Credit For First Time Home Buyers

This is what they are calling the home buying eclipse for first time home buyers. Right now interest rates are at a all time low, home prices are very affordable in numerous areas, and the government is willing to cut you a check for $7500 dollars if you are a first time home buyer. Now is the time to buy!

Here are the facts of this amazing program being offered:

• The government has authorized a person/couple to receive 10% of the purchase price up to $7500 dollars back in their tax return.


• You had to purchase on or before April 9, 2008 and before July 1, 2009.


• Single people making less then $75,000 (adjusted gross income) get the full tax credit and it is phased out up to $95,000. If you make more than $95,000 you do not qualify.


• If you are married and you make less then $150,000 combined, you will qualify for the whole tax credit and it is phased out up to $175,000 a year. If you as a couple make more than $175,000 you do not qualify.


• You can not have owned a home for three years prior to April 9, 2008. If you have never owned a home you are in a perfect position.


• This tax credit does have to be paid back over a 15 year period. You can start your payments two years after you made your claim.


• The credit is paid back over 15 years, interest free at $500 dollars a year. The money comes out of your 1040 or it will come out of your proceeds when you sell your home.


• It can not be used as down payment or towards your closing costs.

This is a great opportunity for buyers who might be tight financially after buying their home or who need to furnish a new home. Even though it has to be paid back over time, it's still a great reason to get off the fence if you are thinking about buying.

If you have any more questions, please contact Sharon or I.