First Time Homebuyers Qualify for a $7,500 Tax Credit

By Vallee Gold Team • September 14th, 2008

Whooooah! Good News for :First time homebuyers!

The Housing Stimulus Bill has passed and now first time homebuyer’s have the opportunity to use the $7,500 tax credit. There are some requirements:

  • A first time home buyer is a buyer that has not owned a home in the past three years.
  • Their adjusted gross income (AGI) is less than $75,000
  • For married couples filing joint return, the income limits doubles to $150,000
  • No other applications or forms are necessary
  • No pre-approval
  • The tax credit operates like an interest free loan to be repaid over 15 years ($500/year) or when the home is sold. If there is insufficients profit, then the remaining credit is forgiven.
  • Effective dates for buyers who close on a home on or after April 9, 2008 and before July 1, 2009
  • Buyer will use the home as a primary residence

Details: www.federalhousingtaxcredit.com

Don & Kathy Vallee of RE/MAX All Executives – Tucson, AZ will be holding a "First Time Home Buyer " seminar about this Tax Credit.  Please email us kathy@kathyvallee.com if you are interested in attending our next seminar.

 

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