Last week, President Bush signed the The Housing Stimulus Bill (H.R. 3221), which has a key provision for qualifying homebuyers: a $7,500 tax credit. The $7,500 tax credit that would be would be available for any qualified purchase between April 9, 2008 and June 30, 2009. The credit is repayable over 15 years (making it, in effect, an interest free loan).
The National Association of Realtors has put together two good documents summarizing what this might mean for you:
Other Relevant Posts:
The Tax Credit as Down Payment
How the Tax Credit Applies to New Construction
Quick Facts about the $7,500 Tax Credit
The bill also contained information regarding FHA Reform, FHA foreclosures rescue, downpayment assistance, and VA loans. You can see a full list along with explanations here.
If you have any specific questions regarding this document or how this may apply to your situation, please feel free to contact me. You may call me at 828.302.8530, e-mail me at jgriffin@bengriffin.com, or leave a comment.
Joseph
August 12, 2008 at 3:04 pm |
[...] look at my previous entries (Post 1 and Post 2,) and the links in those entries for more general information about the tax [...]
August 13, 2008 at 4:32 pm |
I am a potential first-time homebuyer who got a phone call and an email from two mortgage brokers saying “Bush signed a 7500. tax credit for you!” Both neglected to mention that it has to be repaid.
Thanks for posting your Q & A on the topic; it was easy to read and understand, and informative. Now I know what to look for in the coming tax year preparations.
August 14, 2008 at 5:36 pm |
Leigh,
I’m glad I could be of help. Please check back often, as I will be blogging throughout the week about Real Estate news.
Joseph
August 19, 2008 at 11:16 am |
[...] $7,500 Tax Credit [...]
September 9, 2008 at 4:23 am |
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February 18, 2009 at 11:59 am |
Can you use the 7500 tax credit with FHA?
February 18, 2009 at 1:12 pm |
Tonia, Yes, you should be able to qualify given that you meet the other guidelines for the tax credit. Joe
February 18, 2009 at 1:27 pm |
The lender I’m using said that FHA doesn’t qualify for the credit, but that I would qualify for the new $8000 tax credit, but because we already have a large refund, almost 7500, we would only get a total of $8000 for our refund.