 |
|
|
|
|
|
 |
|
|
|
Quick Apply
NO Application Fee!!
NO SSN required!
Fill in the form below and a professional mortgage planner will be in touch within 24 hours! We respect your privacy and will never sell your information.
Choose your state below
|
|
|
|
|
|
|
|
|
|
|
$7500 Tax Credit: FAQ’s
|
|
|
|
- The tax credit is for 10 percent of the purchase price, but not to exceed $7,500. So if you purchased a home that cost $70,000 (70000x.10), your credit would be $7,000, but if you purchase a home that costs $100,000, your tax credit would be $7,500, as it is the maximum credit
- Single family homes, including condos & co-ops, are eligible
- You receive the $7,500 credit on your tax return in the form of a refund, not when you purchase the home. Therefore, if you purchase a home and received the full $7,500 tax credit, and your tax bill for the year was $4,000, you would receive a refund of $3,000 (if you already paid your tax bill throughout the year then you would get a refund of $7500). Please check with your tax preparer as we are not accountants.
- The income limit is $75,000 for individuals and $150,000 for a joint return. Above this, the credit begins to phase out in proportion to ones income.
- Only individuals who have not owned a home as a primary residence in the 3 years previous to the purchase qualify. A primary residence is identified as a home that someone lives in greater than 50 percent of a year.
- The credit is technically a 15 year interest-free loan, as it must be repaid over a 15 year period, with each yearly payment being just over $500, but no interest is charged. If you sell the home before then, you will have to pay back a portion, check with your accountant if this indeed becomes the case for you.
- This is on houses purchased on or after April 9, 2008, but before July 1, 2009.
|
|
