you pay back over the next 15 years. If you are a first time buyer or haven't owned a home in the last three years you can take this credit if you purchase a home between April 2008 and July 1 2009. You will pay $500 per year on your taxes each year until you pay the loan off. The great news is that if you sell your home and don't make a profit on the sale, your loan is forgiven. Also if you pass away your family is off the hook. If you do make a profit on the sale of your home you will be required to pay up to the amount you owe from the profits. Any remainder that you owe is forgiven. With this tax credit and the lowest interest rates we've seen in 30 years, now is a great time to buy a home. Contact a Realtor today! < Back Next> |
| How does the $7,500 tax credit work? |
