Facts about the Tax Credit

Great time to buy a home with the TAX CREDIT of $7,500

1. This is a tax credit for single-family homes, townhouses or for a condo buyers.
2. It is for first-time home buyers or if you have not owned a home for 3 years.
3. The tax credit is for 10% of the purchase price, not to exceed $7,500. If you purchased a home for $150,000, your tax credit is $7,500. If you purchase a home for $70,000, your tax credit is $7,000.
4. You receive the tax credit when you file your income tax return.
5. If your tax bill is less than $7,500, if that is your tax credit, you will receive a refund from the Federal Government.
6. This tax credit is technically an interest-free loan for 15 years. If you sell the home before the 15 years are up, you will have to repay the tax credit in full, if the net selling price is more than the original purchase price.
7. You have to purchase the home after April 9, 2008 and before July 1, 2009.
   

Please check with your accountant for more information.

Purchase Price

If you sell the home before the 15 years are up, you will have to repay the balance, if there is any gain over the original purchase price. The payment on the tax credit is not due until 2010 or when your tax return is filed. The payment of the tax credit, if you claimed $7,500, would be $500 per year until it is paid.

Stabilize - Capital - Tax Credit

The Housing & Economic Recovery Act of 2008 will help neighborhoods to stabilize and attract new affordable housing capital. It will also offer relief to families that are in a foreclosure problem. The tax credit of $7,500 will make it possible for many families to afford a new home. It is all part of the housing recovery act. It should help bring about a turn in housing and change the direction that housing is headed right now.

$7,500 Tax Credit

President Bush signed the Housing Stimulus Package into law today.

This legislation, Housing Stimulus Package, will provide an enormous help to the housing problem and housing industry. It gives a temporary tax credit to first-time home buyers and will help the mortgage market and troubled loans.

You will have to buy your home by June 30, 2009. If you are single, the benefit phases out if you earn more that $75,000. For couples, the earning level is $150,000.

Housing Tax Credit

The Federal Goverment has approved a major Housing Stimulus Package that will address the turmoil in the financial and housing markets and to bolster the nation’s faltering economy.

One of the key items in the Housing Stimulus Package is a $7,500 tax credit for first time home buyers. This will amount to an interest FREE loan. You will have to pay it back, but it is interest free.

Congress has worked to provide relief to the American people with this Housing Stimulus Package which contains several provisions to help home buyers and stop the slide in home prices. It provides a real lifeline to borrowers facing foreclosure and improves on mortgage liquidity and bolster confidence in Freddie Mac and Fannie Mae.