Housing Credit of $7500 to First Time Home Buyers passes
There is now a $7500 tax credit to those purchasing a home in the next year. This should help some of us with mortgage acceleration.
HudAuctionWatch is reporting that the:
Housing and Economic Recovery Act passed, and it offers select homeowners eligibility for a tax credit equal to 10 percent of the purchase price of a home, up to a maximum of $7,500. This credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.
Sadly this amount has to be paid back to the government through 15 yearly payments of $500. But at least it’s an interest free loan!
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