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First time homeowners - Take advantage of Tax Credit Program

2009-01-16 19:41:57 (GMT) (Caymanmama.com - Real Estate News News)

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Joan Severson - Ebby Halliday Realtor

Dallas, Texas (CaymanMama.com) — The deadline is drawing near on the $7500 tax credit for first time buyers and buyers who have not owned a principal residence in the past 3 years. The program ends on June 30, 2009, and is specifically for singles and heads of households that make less than $75,000 and married couples that have an Adjusted Gross Income less than $150,000.

The Tax Credit Program does not have anything to do with qualifying for a home loan and does not affect the buyer’s loan or seller’s proceeds. The loan has to close and fund prior to the June 30 deadline and the tax credits are capped at the lesser of $7500 or 10% of the purchase price, whichever is less. The amount of the credit is applied as income tax paid or refund. A buyer owing $3,500 to the Treasury would get a refund of $4,000.

The tax credit program is not a free handout. It is a 15 year interest free loan with the repayment beginning the second year after the tax credit is claimed. If the home is sold prior to the full repayment, any amount not repaid would be paid to the Treasury from the proceeds of the sale. It applies to homes, condos and townhouses.

With the end of the program coming to a close considering the time required to purchase and fund a home loan, the end of the program is in sight. Take advantage of it if you qualify for this program.

This information brought to you by Joan Severson - Plano, Frisco Texas Ebby Halliday Realtor http://www.JoanSellsDallas.com



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