TAKE THE $7500 CREDIT !
Congress is on the verge of transforming the first time homebuyer credit into a real credit —-one you do not have to pay back! It is tucked away in pages of the new stimulus bill. You need to buy your house between April 8, 2008 and July 1, 2009. Go to www.IRS.gov and get the new Form 5405
It is a great time to buy a house.
P.S. You are a first time homebuyer if you have not owned a home in the past 3 years!
Update: Congress passed the stimulus bill so now the Tax Credit is $8000 and you don’t need to pay it back if you stay in the home for 3 years. Need to buy by Dec 1st, 2009.
The new bill came out with a new $8000 1st time homebuyer credit that expires Dec 1st, 2009 and you do NOT have to pay it back if you stay in the home for 3 years.
The $7500 credit for 2008 has to be paid back, no change.
By: loanarranger on March 1, 2009
at 5:56 PM