Housing & Economic Recovery Act of 2008 Tax Credit.

By
Mortgage and Lending with Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001 NMLS ID# 158606

Just a little more info on this Economic Recovery Act....

•Applies to owner occupied purchases from April 9, 2008 through June 30, 2009

•Tax credit of up to $7,500 for first time homebuyers - no ownership in the last three years (credit = 10% of cost of home up to $7,500)

•Income restrictions for Individual Filer = $75,000 (AGI); phase out for incomes between $75,000-$95,000

•Income restrictions for Joint Filer = $150,000 (AGI); phase out for incomes between $150,000 and $170,000

•Catch:  tax credit paid back over 15 years with no interest •No application process; claimed with tax filing

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Rainer
12,515
Rob Wagoner
Referral Builder LLC dba URBaCS - Noblesville, IN

Larry,

Did I read somewhere that with this act they are going to raise the minimum downpayment to 3.5%?

Aug 14, 2008 03:22 PM #1
Rainer
26,964
Laura Moore Godek
Laura Moore Godek, PC - McHenry, IL

And if the buyer sells the home at a loss before the credit is repaid they do not have to repay the credit.  Too bad the money can not be used for a down payment.

Aug 14, 2008 06:17 PM #2
Rainmaker
340,210
Judy Greenberg
Coldwell Banker Long Grove - Buffalo Grove, IL
Coldwell Banker - Buffalo Grove - Long Grove Homes

I like how you present the info, with the catch.  Most people forget to talk about the payback!

Aug 16, 2008 11:00 AM #3
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