$7,500 tax credit for first time homebuyers can be used as downpayment

Many of you may have heard that there is a $7,500 dollar tax credit available to first time homebuyers. It is true! There are a couple restrictions that come with it. Here are the basics:

• You have to be a first time homebuyer. A first time homebuyer is someone that has not held ownership interest in a primary residence in the last 3 years.


• You cannot have an income exceeding $75, 000 for an individual and $150,00o for a couple.


• It must be re payed over the next 15 years.


• You must be closed on the property by July 01,09

Now, of course there are more details that aren't listed here. Also, there is a new program that allows you to borrow the amount in advance to use towards your down payment and closing costs. Once you get your tax return you must pay the loan back with the tax credit.

Here is some additional reading on the tax credit

http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf

Here is information on the tax credit advance

http://www.mhdc.com/homes/tca/index.htm

If you would like to take advantage of this call me 314-324-3322