Home Buying in Indianapolis>Question Details

Kristina, Other/Just Looking in Indiana

So do you get the full $7500 on top of what you get back from the IRS? We always get a refund.

Asked by Kristina, Indiana Wed Jan 21, 2009

$7500 first time home buyers credit

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Answers

6
Kristina, Are you still looking for a new home? The Stimulus Bill
has been changed recently in your favor. If you are a first time
home buyer (meaning you have not owned a home in the last 3 yrs)
and you are within income limits (no more than $75,000 per year
earnings for one owner, $150,000 per couple) you can get 10% of
the purchase price up to $8,000 refunded to you whether or not you
were already eligible to get a refund. So, for example, if you get a
refund of $1,000 and you purchase a home for $100,000, you will
get an additional $8,000 check from the Feds this year. Check the
IRS website and/or your tax preparer for details.

And of course, remember that I would be happy to help you find your
new home. So, please feel free to call or email me at marita@maritatopmiller.com
if you would like my help.
Best Wishes on your new home. Marita
1 vote Thank Flag Link Wed Feb 18, 2009
Hi Kristina, Erik was partly right. The credit must be repaid in 15 years - big difference. However, if you
sell your home before your credit is fully repaid, the rest is due. But the government will not take more
than you get on the sale of your home. For all the details, please read the article that Joe has kindly
provided the link to - see below. With rates and prices at all time lows, remember to look with a good
Realtor and then buy. The credit is only good until July 2009.
1 vote Thank Flag Link Wed Jan 21, 2009
Hi Kristina,
Have you decided on a Realtor to help you get your first home?
Having worked with many first time buyers, I am ready to listen.
Check me out at smallerindiana.com, facebook, etc. If you would
like to meet, just give me a call or text: 513-4652,
Thanks,
marita@maritatopmiller.com
0 votes Thank Flag Link Wed Jan 28, 2009
Hi Kristina,

The other thing to remember is you don't have to start the payback of this "credit" for 2 years. That should help you get past all the up front costs of buying a home. Good luck with the purchase of your new home.
0 votes Thank Flag Link Thu Jan 22, 2009
The credit is for 10% of the value of a home you buy with in the set duration of time. So if you buy a home for $65,000 you would recieve $6,500 in addition to your Federal return. Now couple things to remember as of right now the credit must be paid back over 5 years in regular monthly installments, but keep in mind that makes it essentially a interest-free loan. The link provided by Jow Shoemaker will answer your question in further details. Thanks for the question Kristina.
0 votes Thank Flag Link Wed Jan 21, 2009
Here's a great explanation of the $7500 tax credit and how it might impact you.

http://digits.hrblock.com/topicsofinterest/beforeyoufile/hom…

Have a great 2009!

Joe Shoemaker
MacDuff Realty Group
joe@macduffrealty.com
317 413.8501
0 votes Thank Flag Link Wed Jan 21, 2009
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