$7500 tax credit for first time home buyers

By
Mortgage and Lending with Guild Mortgage Company

This credit is available for first time home buyers only

The credit is available for homes purchased before July 1, 2009 

The tax credit works like an interest-free loan and must be paid over a 15 year period 

Home must be purchased as a primary residence 

Individuals must have a modified adjusted gross income of less then $75,000 annually and couples MAGI of less then $150,000

 

 

The tax credit essentially serves as an interest free loan to be paid back over 15 years.  For example, a home buyer claiming a $7,500 credit would repay $502.00 per year.   Payments do not start until 2 years after the tax year in which the credit was claimed

Comments (5)

Nance Burdette
Keller Williams Realty Partners - Spartanburg, SC

Congratulations on signing on as a new member of ActiveRain. Being a new member myself going on my third week and only posting a few blogs so far I truly see the awsome advantage that this truly can be; and only the beginning of a healthy and wealthy relationship of abundant professionals. Everyone has been so very kind. Hope to see your blogs in the future.   Best of Luck to all of us,  Nance

Aug 26, 2008 03:59 PM
Lorena Westervelt
Van West Realty - Greenville, SC
Co-Founder/Co-Owner

Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!

Aug 27, 2008 12:16 AM
Steve Vennemann-Hennepin-Dakota-Anoka contract for deed property-Ramsey-MN
BoardWalk Premier Realty INC - White Bear Lake, MN

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On behalf Http://www.mnlakeplace.com   we are happy you became a member of action rain and we wanted to welcome you to action rain. It is a very good site to learn and network.

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Aug 27, 2008 01:49 AM
Lori Isaacson
Credit Restoration Consultants - Plantation, FL

Hi Jason,

On behalf of Credit Restoration Consultants and the 106,200 plus members of ActiveRain, I wish to welcome you to the network.  Should you ever have a question as it relates to bad credit, credit repair, credit restoration, or identity theft, please do not hesitate to contact me.

 Best wishes,

Lori Isaacson

Aug 27, 2008 02:28 AM
Peg Gilliland
Charlottesville Solutions - Charlottesville, VA
Broker, GRI, CDPE

I see that you are new to Active Rain and I just wanted to welcome you. I hope that you enjoy it as much as I do and that you find it a great resource.

Aug 27, 2008 08:54 AM