$7500 First Time Homebuyer Credit

Mortgage and Lending with Capital Mortgage Solutions


The recent Housing Stimulus Package recently signed into law, offers first time homebuyers $7,500 tax credit. This a great incentive to first-time homebuyers to get off the fence and buy a home.  

Here is the link that provides the details;   http://www.federalhousingtaxcredit.com/  

Here is a summary:  

1. Home has to be for a first-time homebuyer (has not owned a home in three years) who meets income limits and has to be owner occupied;

2. Tax credit worth 10% of purchase price up to $7,500. Full credit for single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000; Partial Credit for taxpayers with incomes below $95,000 and joint incomes below $170,000;

3. The credit works like an interest-free loan and must be repaid over 15 years , or when the house is sold if there is sufficient capital gain from the sale. If there was insufficient profit, the remaining balance is forgiven.  

I hope this helps you help more first-time homebuyers!


Comments (2)

Jerri McCombs, Broker/Owner
Dogwood Real Estate Services - Hendersonville, NC
Hendersonville Living

Thanks so much for sharing this site. I didn't know about it. I just sent it to a a group of clients and I know they will be thrilled.

I love AR!

Sep 09, 2008 12:28 AM
Lewis Beynon
CENTURY 21 Triangle Group - Raleigh, NC
Lew B Realty

I am amazed at the number of potential buyers I talk to that don't know about this program.  It should definitely help.  I found out about four weeks ago and sent it to all my contacts, I figured someone had to know a first timer and I could get a lead out of it.  Well, nothing has happened but instead of giving up, I just decided to send it again.  Thanks for the blog this morning William.

Sep 09, 2008 01:11 AM