***Up to $7500 tax credit
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
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!!
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