Home Buying in Warner Robins>Question Details

John Cobb, Real Estate Pro in Warner Robins, GA

Does anyone have any questions about the $7,500 tax credit that 1st Time Home Buyers will receive?

Asked by John Cobb, Warner Robins, GA Wed Aug 13, 2008

1st Time Home Buyers will receive a $7,500 tax credit when they purchase their home between April 9, 2008 and July 1, 2009

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Yes that's true - it operates as a tax free loan that must be paid back over 15 years. They call it a tax credit because it is not a tax deduction. It is a refundable tax credit that must be repaid, except in cases of insufficient profit or death - in which case credit payback can be forgiven.
0 votes Thank Flag Link Wed Aug 13, 2008
I've heard it's an interest only loan not a real credit. Any thoughts
0 votes Thank Flag Link Wed Aug 13, 2008
Joshua Jarvis, Real Estate Pro in Duluth, GA
MVP'08
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