Here’s some welcome news in recently enacted federal housing legislation: first time home buyers can get a $7,500 tax credit. Congress intends for the credit to make housing more affordable. But qualified buyers have to act quickly – the credit is only available for purchases before July 1, 2009.
Here’s how the tax credit works:
There are income limits: $75,000 for single purchasers, $150,000 for couples.
The credit is not made to the buyer in the form of a check. Instead, the credit is an itemized deduction on federal tax returns (your buyers should consult with their tax advisor).
It effectively reduces the purchase price by $7,500.
The credit is limited to first time buyers.
The credit must be repaid (at no interest) at the rate of $500 per year for 15 years.
However, if the home is sold, the seller will not repay more of the credit than they realized in profit.
The preceding article is compliments of:
Edilma (Edi) Davila Cook
Mortgage Loan Officer
Retail Mortgage Sales
Bank of America, San Antonio
Direct: (210) 525-5007
Fax: (210) 525-5085
Mobile: (210) 326-9389
Bank of America is an Equal Housing Lender.
Call Edi for rate quotes and loan qualification or pre-approval information. Mention Randy & Stephanie Kelley if you contact Edi.
To search listings, research schools, and learn more about San Antonio, visit our website at SanAntonioHomeQuest.com.
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