New update to $7500 First Time Homebuyer Tax Credit

By
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:
tax credit
update
first time homebuyer
maryland real estate

Comments 6 New Comment

Ambassador
1,042,255
Ellie McIntire
CDPE, Howard County Homes for Sale
Ellicott City Clarksville Howard County Maryland Real Estate

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

February 03, 2009 04:25 PM
Ambassador
1,042,255
Ellie McIntire
CDPE, Howard County Homes for Sale
Ellicott City Clarksville Howard County Maryland Real Estate

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

February 03, 2009 04:25 PM
Rainer
207,933
James Wexler
wexzilla.com

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

February 04, 2009 10:23 AM
Ambassador
1,042,255
Ellie McIntire
CDPE, Howard County Homes for Sale
Ellicott City Clarksville Howard County Maryland Real Estate

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

February 06, 2009 08:51 PM
Anonymous #6
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.

February 10, 2009 06:40 PM
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Ellie McIntire

CDPE, Howard County Homes for Sale
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Additional Information

I am a Maryland transplant from many other places, most recently Florida, but since 1997 I have found my true home in the heart of this great State. Maryland has it all. Mountains 3 hours to the West, the Atlantic Ocean 3 hours to the East and head North and South for either Philadelphia and New York or Washington DC. It is the perfect location! The Metro Baltimore area offers a rich mix of history and modern amenities. City living, suburbia or "not a neighbor in sight" is available in this area. Excellent Schools, amazing communities and an incredible location is why many people choose to live in Central Maryland. I proudly help my clients buy and sell all types of homes in Howard County and beyond. Enjoying the entire process is my goal for my clients. Every transaction is different and everyone has different needs. I know the Metro Baltimore area well and I am current on the Real Estate Market activity- That's my job. As your "Buyers Agent" I will work diligently to find you the home that suits all your needs. I will update you immediately when a home matches your search criteria. I will educate you on the current market and help you craft the best offer possible. I will "hold your hand" throughout the entire process. As your "Listing Agent" I will coach and guide you from day one to put your best foot forward when you list your home. I will use aggressive and innovative marketing strategies to give your home the best exposure possible. I will use modern technology and multiple resources that other agents do not use. I WILL PROVIDE YOU WITH PROOF OF ALL MY EFFORTS. I am a full time agent and I my number one goal is to give you exceptional service ALWAYS.