FIRST TIME HOMEBUYERS TAX CREDIT

By
Mortgage and Lending with Mortgage Investors Group

GOOD NEW...DID SOMEONE SAY TAX CREDIT?

          Good news From April 9, 2008 through July 1, 2009

Tax Credit up to $7,500 for First Time Homebuyers

10% of Sales Price up to a Maximum of $7,500

Must be Primary Residence

Income limits $75K for Single or $150K for Couples

Phases out at $95K and $170K Respectively

THE FINE PRINT

The Tax Credit is actually an interest-free loan, must be PAID BACK OVER 15 years at $500 per year

If home sold early, repayment of loan is limited to amount of appreciation.

If you die the loan is forgiven.

Consult a tax advisor for more information.

Comments (1)

Kay Bennett
First Realty Company - Cookeville, TN
Your Best Cookeville Area Agent!

Sandy, this is great information for potential buyers.  thanks for sharing

Oct 07, 2008 12:51 AM