Housing Bill incentive for first time home buyer’s

Posted by Jace

August 6, 2008

The recent housing bill that passed has provisions to help first time home buyers. If you purchase a home between April 9, 2008 and July 1, 2009 you may qualify for a $7500 federal tax credit or 10% of the purchase price, which ever is less. Not a deduction but a tax credit. So even if you only owe $3000 you will receive a $4500 refund. But before you get too excited, it does have to be repaid over a 15 year period. So really its an interest free loan. To qualify for the full tax credit you must earn under $75,000 if you are single or $150,000 married and file jointly.

For more information on this housing bill you can read this article by U.S. Department of Housing & Urban Development (HUD).

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