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New update to $7500 First Time Homebuyer Tax Credit

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Real Estate Agent with Ellicott City Clarksville Howard County Maryland Real Estate 535650

 At an office meeting this morning we were informed of an update to the $7500 First Time Homebuyer Tax. It seems that anyone who purchases a home in 2009 and is a first time homebuyer or has not owned a property in 3 years is eligible for the money.

The update is that this money does NOT have to be paid back.

Sounds too good to be true!

I "Googled" it and only had info from the original announcement last year. I did find this awesome post from last August (2008) by R Bolton 7500 Tax Credit FAQ that explains a lot about the program.

Can anyone shed light on the details of this new amended tax credit?

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Patrick Johnson
Windermere - Bellingham, WA

We had a meeting about it this morning also, but I wasn't able to attend. Must be big news if everyone from coast to coast is talking about it hehe. I heard about it last week, but heard that you didn't have to pay it back if you stayed in the home for at least 3 years. Also, I am not sure if it has been finalized yet either. Keep everyone updated if you can.

 

Patrick Johnson, ABR  E-pro

Windermere RE, Bellingham Wa.

www.PatricksHouses.com

Feb 03, 2009 07:04 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

I think it still has to be passed through the house, but a great thing if it is.

Feb 03, 2009 08:25 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

I think it still has to be passed through the house, but a great thing if it is.

Feb 03, 2009 08:25 AM
James Wexler
wexzilla.com - Scottsdale, AZ

we need all the tools we can, or i should say, buyers need all the tools they can to get them off the sidelines and buying again

Feb 04, 2009 02:23 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

James. Anything that promotes home buying is good for me.

Feb 06, 2009 12:51 PM
Rebecca Anne Cole
PNC Mortgage - Timonium, MD

From what I understand some of the details include removing the current income limits, an increase from $7,500 to $15,000, and the tax credit not being repaid as long as the buyer occupies the property for 24 months.  There are some hurdles to cross before the changes take place but I am hopeful that it will come through soon.

Feb 10, 2009 10:40 AM
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I am a Maryland transplant from many other places, most recently Florida, but since 1997 I have found my true home in the heart of this great State. Maryland has it all. Mountains 3 hours to the West, the Atlantic Ocean 3 hours to the East and head North and South for either Philadelphia and New York or Washington DC. It is the perfect location! The Metro Baltimore area offers a rich mix of history and modern amenities. City living, suburbia or "not a neighbor in sight" is available in this area. Excellent Schools, amazing communities and an incredible location is why many people choose to live in Central Maryland. I proudly help my clients buy and sell all types of homes in Howard County and beyond. Enjoying the entire process is my goal for my clients. Every transaction is different and everyone has different needs. I know the Metro Baltimore area well and I am current on the Real Estate Market activity- That's my job. As your "Buyers Agent" I will work diligently to find you the home that suits all your needs. I will update you immediately when a home matches your search criteria. I will educate you on the current market and help you craft the best offer possible. I will "hold your hand" throughout the entire process. As your "Listing Agent" I will coach and guide you from day one to put your best foot forward when you list your home. I will use aggressive and innovative marketing strategies to give your home the best exposure possible. I will use modern technology and multiple resources that other agents do not use. I WILL PROVIDE YOU WITH PROOF OF ALL MY EFFORTS. I am a full time agent and I my number one goal is to give you exceptional service ALWAYS.

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