As if there weren't reasons aplenty already to buy a home in Tecumseh or Greater Lenawee County, low prices, huge selection, low interest rates to name a few, now there is even more icing on the cake for first time home buyers.
When you buy your first home, you can qualify for up to a $7,500 tax credit as long as the purchase was made between April 9, 2008 and before July 1, 2009. The credit will be for 10% of the homes sale price, up to a maximum of $7,500, ie if you buy a home for $60,000 you would be looking at a $6,000 credit. Your income needs to be $75,000 or less as a single taxpayer, $150,000 or less if filing jointly, in order to receive the full credit.
This credit will have to be repaid over a period of 15 years with the first payment being due two years after the credit was taken. It's basically an interest free loan from the government, if you use the money to pay down a second mortgage, pay off credit cards, car payments or student loans, or to make improvements to the home that you would otherwise have had to take loans out for, this will be a great overall savings to you.
You can research the credit by going to http://www.federalhousingtaxcredit.com/faq.php
To find the home that you want to buy, please visit TecumsehProperties.com where you can view all the local listings.
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