Profile picture for sellbuysell

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

  • February 12 2009 - Aiken
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Profile picture for natewolf



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.

If this answered your question, please click on THUMBS UP below V

  • February 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

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. 
  • February 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for SeattleHome.com
$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.
  • February 25 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.