Home > Blogs > Amber Ernst > Amber's Blog

***Up to $7500 tax credit

By Amber Ernst

Mortgage and Lending with Valley Bank

August 25, 2008 05:42 AM

This is so exciting!!!!!!!!!!

Here are some bullets to explain the Tax Credit briefly:

The tax credit is available for first-time home buyers only.

The maximum credit amount is $7,500.

The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

The tax credit works like an interest-free loan and must be repaid in equal installments over a 15-year period.

So here is a summary. If you haven't owned a home in the last three years, you are considered a first-time home buyer. If you purchase a home for at least $75,000, you get the full $7500. You must make less than $75,000, or $150,000 for joint borrowers to qualify. If you make more, you still might be able to get a partial credit. You must repay this INTEREST-FREE credit over 15 years. For instance, if you get $7500, then for the following 15 years, $500 comes out of your tax returns. It's that simple. What a deal!!

One very important item to keep in mind is that, this credit should be put towards something that will help the home. NOT a big screen in every room. I hope that first-time home buyers will take this and decide to buy that home that is a little dated or needs a little TLC and live with it for a few months. And then when they file their taxes and get that nice return, they put it towards new windows, floor coverings, paint, etc. This could really help a lot of people.

A very helpul website is www.federalhousingtaxcredit.com

Please help me in getting this out to all of our first-time home buyers so they can capitalize on this great offer!!

Re-Blog

Comments(6)

Comment

Show All Comments

Sort:

Lewis Beynon

CENTURY 21 Triangle Group - Raleigh, NC

Lew B Realty

Amber, I sent out this information to EVERYONE in my DB, most of them are NOT FTHBs, but I was sure this credit would drum up some business. I am surprised that I have not gotten any response. I was also surprised that several people I met (who already had a Realtor) at two recent open houses didn't know anything about it!!! Man, would I love to represent them!!!!

Aug 25, 2008 05:49 AM

Yvette Smith

LONG & FOSTER - Williamsburg, VA

Realtor In Williamsburg VA, Homes for Sale

HI AMBER!

You've explained the tax credit very well. Some individuals just make it too complicated for the consumer to follow. I'd like to reblog it for my area, if you don't mind?

Thanks for sharing,

Aug 25, 2008 05:50 AM

Matt Muelver

Muelver Realty, LLC - Milwaukee, WI

If it has to be paid back then its not a true credit.

Aug 25, 2008 06:00 AM

Amber Ernst

Valley Bank - Davenport, IA

Lewis, It would be great if all agents were on top of things, the same way with realtors!

Yvette, Feel free to use this :) Thank you!

Matt, True, it isnt a free loan. I just feel it is a great thing for first-time home buyers. SO many people ask us loan officers if they can borrow above and beyond the purchase price because they want new windows, or carpet, or need a new shower. And the answer is always "no." Well now, if they can live with it for a few months, they can get what they need and pay it back with no interest!

Aug 25, 2008 06:03 AM

Jason Roebuck

Springfield, OR

Amber, I love your spirit, it is loan officers like you who will survive through these times. I hope that I can stay as positive as you. Come to think of it, you may have just given me an argument to help close this FHA loan that I am working on right now...I love Active Rain...You Rock...God Bless...Jason

Aug 25, 2008 06:23 AM

Jason, Thank you! You are sweet and 100% correct about this market. We must stay positive!! It is so very important. Take care and good luck to you!

Aug 25, 2008 10:19 AM

Comments(6)

Amber Ernst

Recent Posts