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does the $7500 have to repaid and is for 1st time home buyers only?

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February 12 2009 - Aiken
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Last year's $7500 Tax Credit for homes bought in 2008 is a no-interest loan. It must be repaid.

The NEW 2009 $8000 Tax Rebate is a rebate check-- and you do not have to actually owe any taxes to get the check. You simply must be a first time homebuyer, fit the income limits, and a few minor other requirements-- and they send you a check. Must buy before December 1, 2009.

There is a great article on the new Rebate on Washtington Post: Read It.

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February 28 2009
To clarify you cannot have owned a home for three consecutive years prior to the purchase of a new home. So if you have rented for the last three years (or have been living in a cardboard box) you are technically once again a 'first time home buyer'. There are other restrictions including income qualifications. Your friendly neighborhood mortgage person can explain it all to you. 
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February 25 2009
$7500 last year had to be repaid.  $8000 this year does not have to be repaid if the home is purchased by Nov 30.  Yes, you must be a first time buyer.
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February 25 2009
 
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