New update to $7500 First Time Homebuyer Tax Credit

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Real Estate Agent with Ellicott City Clarksville Howard County Maryland Real Estate 535650

 At an office meeting this morning we were informed of an update to the $7500 First Time Homebuyer Tax. It seems that anyone who purchases a home in 2009 and is a first time homebuyer or has not owned a property in 3 years is eligible for the money.

The update is that this money does NOT have to be paid back.

Sounds too good to be true!

I "Googled" it and only had info from the original announcement last year. I did find this awesome post from last August (2008) by R Bolton 7500 Tax Credit FAQ that explains a lot about the program.

Can anyone shed light on the details of this new amended tax credit?

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Ellie McIntire Real Estate

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Tags:
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Rainer
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Patrick Johnson
Windermere - Bellingham, WA

We had a meeting about it this morning also, but I wasn't able to attend. Must be big news if everyone from coast to coast is talking about it hehe. I heard about it last week, but heard that you didn't have to pay it back if you stayed in the home for at least 3 years. Also, I am not sure if it has been finalized yet either. Keep everyone updated if you can.

 

Patrick Johnson, ABR  E-pro

Windermere RE, Bellingham Wa.

www.PatricksHouses.com

Feb 03, 2009 03:04 PM #1
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Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Howard County & Catonsville

I think it still has to be passed through the house, but a great thing if it is.

Feb 03, 2009 04:25 PM #2
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Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
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I think it still has to be passed through the house, but a great thing if it is.

Feb 03, 2009 04:25 PM #3
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James Wexler
wexzilla.com - Scottsdale, AZ

we need all the tools we can, or i should say, buyers need all the tools they can to get them off the sidelines and buying again

Feb 04, 2009 10:23 AM #4
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Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Howard County & Catonsville

James. Anything that promotes home buying is good for me.

Feb 06, 2009 08:51 PM #5
Anonymous
Anonymous

From what I understand some of the details include removing the current income limits, an increase from $7,500 to $15,000, and the tax credit not being repaid as long as the buyer occupies the property for 24 months.  There are some hurdles to cross before the changes take place but I am hopeful that it will come through soon.

Feb 10, 2009 06:40 PM #6
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