$7,500 Tax Credit to First Time Home Buyers if purchase by 6/2009

VA home loan borrowers…as part of efforts to stimulate the economy the U.S. Government is giving first time home buyers a $7,500 tax credit if they buy before June 2009.  You can get detailed info at the botttom of this page, but essentially here’s how it works.  If you owe NO taxes in 2008 or 2009, the IRS will give you a rebate check of $7,500.   If you owe say $4,500 in taxes, the credit will wipe out the $4,500 and you will get a check for $3,000.  A first time homebuyer is anyone who hasn’t been on title of a property in the last 3 years (so you really don’t have to be a first time home buyer).  Keep in mind, this is a special incentive in ADDITION to the standard mortgage interest and property tax write off you will get as  home owner.  Please read the link as there are some income qualifications and the credit has to be paid back over 15 years.  But you don’t have to start paying it back until 2 years after you recieve it and you pay it back with your taxes over 15 years.  So it’s like a 15 year interest free loan.  That is pretty sweet! 

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