Tax credit offered to new homebuyers
Expires June 30, 2009!
Who is eligible?
First-time homebuyers or any homebuyers who have not owned a principal residence in the last three years
How does it work?
Eligible purchasers can claim the $7,500 credit on their annual tax return form.
· Amount of credit: 10% of cost of home or a maximum of $7,500Repayment:
Two years after the credit is claimed, the homebuyer will have to start paying it back.
15 equal annual installments will have to be paid back to the IRS every year.
· 6.67% of the borrowed amount or a maximum of $502If home is sold before 15 years, the remainder of the loan will have to be repaid to the IRS upon the sale.
· Part of the liability can be forgiven if the gain on the sale is less than the amount of the loan.
Restrictions:
Home purchase time limit:
· Homes purchased on or after April 9, 2008 and before July 1, 2009
Home must be a single family residence (including condos, coops) that will be used as a principal residence.
Home must be located in the United States.
Home cannot be financed through mortgage revenue bonds.
Income restriction:
· To qualify for full $7,500 credit, the taxpayer must make no more than
a. $75,000 for single returns
b. $150,000 for joint returns
· To still qualify for credit but at a lesser amount, the following income caps apply
a. $95,000 for single returns
b. $170,000 for joint returns
For more information on the tax credit:
http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf
http://www.federalhousingtaxcredit.com/faq.php

Deleware is a fascinating and growing city north of Columbus.

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You have to have a reasonably good financial foundation before a lender will approve you for a mortgage loan. They look for a good credit rating, enough money in the bank to make the initial down payment and pay the closing costs, and a stable employment situation. People who have just qualified for a mortgage loan are usually in better-than-average financial shape. If you have just bought a new house, don't be surprised if you receive a lot of offers from retail stores and other credit card companies offering you pre-approved revolving credit.

Be careful about accepting too many of these offers! New home owners have often wiped out most of their savings to buy their home, and they need everything from linens to furniture to get settled into it. With all of the immediate credit available, it may be very tempting to just say "charge it." If you're not careful, you could be "up to your ears" in debt very quickly. It takes discipline to reach the goal of home ownership--and it takes that same kind of discipline to maintain financial health after you leave the closing table.