Congress Tax Credit Home Buyers
June 8th, 2009
Question: Extending $7,500 tax credit for first-time home buyers?
Does anyone know if there are plans to extend or expand the $7,500 tax credit for first-time home buyers in President Obama’s current stimulus plan being considered by Congress? I’m a prospective first-time home buyer with a steady job and excellent credit but there is no way I would be able to come up with a 20% down payment before my chance to benefit from the original tax credit expires on July1, 2009.
Answer: 1 Check with a loan officer. Depending on a lot of variables, but a huge number of first time home buyers would be better off getting an FHA mortgage and it only requires 3.5% down. You could get the low interest rates that are available now and the low prices that are available now and also qualify for this tax credit.
Under current law you do have to pay that $7500 tax credit back at $500 per year. It is essentially a 15 year interest free loan.
Home prices rise again in October
Home prices rose for the fifth month in a row in October, but the recovery is shaky with only 11 of the 20 metro areas tracked showing gains.
Let’s BUG Congress – Extend & Expand the Tax Credit Please!
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