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Answers (3)
- Nathan Wolf, "natewolf"
- Contributions:1825
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
- Michael Emery, "MikeEmery"
- Contributions:7298
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.
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
$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.
does the $7500 have to repaid and is for 1st time home buyers only?
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