$7,500 First Time Home Buyer Tax Credit

By
Real Estate Agent with Keller Williams Realty Atlantic Shore

If you purchase a home on or after April 9, 2008 and before July 1, 2009 as a first time home buyer you may get a tax credit of up to $7,500.  Single tax payers with an income of up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. 

How the tax credit works is like an interest free loan that must be repaid over 15yrs.  So lets say you buy home this year and qualify for the credit.  If your tax bill is $7,500 and you've been having that amount taken out of your salary.  You would get $7,500 back at tax time.  Then over the next 15 years you would pay back $500 a year interest free. 

You can learn more about the federal housing tax credit at:  http://www.federalhousingtaxcredit.com/

This is an awesome opportunity to buy your first home. 

There are also other great opportunities for first time home buyers such as the Atlantic County down payment and closing cost grant program.  The great thing about these programs is that they are fixed rate 30 year mortgages at low interest rates.  And you have plenty of homes to choose from.  For more information on the tax credit or other opportunities for first time home buyers please call me at 609-338-3773.

Best wishes,

Matt

Posted by

Matthew Haviland ~ matthew@HavilandGroup.net  ~ 609-484-9890 ext. 132

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Rainer
12,906
Jerome (Jerry) Donahue
Prudential McHugh Realty - Maple Shade, NJ

It's a shame the little guy gets a credit that he has to pay back and the big guys get an out and out bailout

Sep 25, 2008 10:45 AM #1
Rainmaker
30,612
Matthew Haviland
Keller Williams Realty Atlantic Shore - Atlantic City, NJ

Good point Jerry.  Thanks for the comment.

Matt

Sep 29, 2008 12:26 AM #2
Rainer
108,048
Karl Peidl
Moorestown, NJ
Accredited Loan Consultant

Actually, the tax credit is not available on mortgages financed using tax deferred bond programs.  This would include NJHMFA and PHFA home buyer programs.

Oct 01, 2008 01:51 PM #3
Rainmaker
30,612
Matthew Haviland
Keller Williams Realty Atlantic Shore - Atlantic City, NJ

Thank you for the clarification on that Karl.

Oct 13, 2008 12:31 AM #4
Anonymous
Alex G.

I did the closing on my new home on April 1, 2008.  Moved in on April 10, 2008 does anyone know if i could still quilify for the credit?

Dec 12, 2008 11:54 AM #5
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Rainmaker
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Matthew Haviland

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