Special offer

***Up to $7500 tax credit

Reblogger
Real Estate Agent with LONG & FOSTER

For buyer's looking to own in Williamsburg Virginia, you  may be able to benefit from this!  This will explain, in layman's terms,  exactly what the $7500 tax credit is and how it is a benefit to you.

Well written by Amber Ernst

Original content by Amber Ernst

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!! 

    Comments (3)

    Jennifer Fivelsdal
    JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
    Mid Hudson Valley real estate connection

    Yvette - This will be a great help to First Time Buyer who usually can't come up with closing cost.

    Sep 09, 2008 02:47 PM
    Ann Allen Hoover
    RE/MAX Advantage South - Hoover, AL
    CDPE SRES ASP e-PRO Realtor - Homes for Sale - AL

    Hi Yvette!  This is a easy to understand and comprehensive explanation of this tax credit.  Thanks for passing it along.

    Have a great day!

    Sep 10, 2008 01:30 AM
    Yvette Smith
    LONG & FOSTER - Williamsburg, VA
    Realtor In Williamsburg VA, Homes for Sale

    JENNIFER - I agree!  Whatever we can do to assist those first-timers...I'm certain that it's appreciated.

    ANN - Easy comprehension is key.  Ya gotta present the info so people understand...it's not enough to just inform.

    HAVE A GREAT DAY & THANKS FOR VISITNG!!

    Sep 11, 2008 01:33 AM