The Housing and Economic Recovery Act of 2008 recently enacted the homebuyer tax credit.
The Tax credit is only 10% cost of the home, and not to exceed $7,500. Any property that is primary can be used for the tax credit. Home owner can use the credit toward the 2008 tax saving or if you purchased a property prior to filing your tax's for 08, you can claim the credit on your 2008 filing.
The income limits are as follow $75,000 individual or $150,000 for couples filing jointly. But if you owned a property in past 3 years you're not eligibable for the tax credit.
This you will pay 6.67% of the credit each year for the next 15 years. And if you sell your home before that you have to pay the remaining balance at the time of the closing.
The program end in July 1, 2009.
If you take full advantage of the $7,500 you will be paying back $502.20 each year over the next 15 years. Which mean you have interest free loan for the next 15 years.
Call Rummy for any question or viste my site at www.westchesterlisting.com and start buyer or selling today.
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