What's the deal with the $7500 Gov't Loan for Buying a Home?
First time home buyers who purchase a principle residence between 4-9-08 and 7-1-09 qualify for the tax credit. (it is retroactive for buyers who have already purchased.)
The maximum credit is $7,500 or 10% of the purchase price if purchase is lower than $75,000.
If home is purchased in 2009, home buyer can elect to amend 2008 tax return and claim the tax credit.
This tax credit is actually an interest free loan and repaid to the IRS in equal annual installments over 15 years. For example, a $7,500 tax credit is paid back at $500 per year for 15 years. Home buyers skip a year before payments start.
Tax credit is subject certain income eligibility requirements.
This tax credit can be used with other first time buyer programs.
Please consult your tax adviser to make sure this tax credit truly works in your favor.
If you are in the market for a your first home, now may be the time! We now have a buyers market and is an excellent time to buy!!
Call John Rainville at 888-774-8488 or e-mail me to get started! firstname.lastname@example.org