The Federal Tax Credits Blog

Posts Tagged ‘first time home buyer credit update’

Vlog 8/31/09 – Update on First-Time Home Buyer Seminar

Question: Questions about the housing rescue bill?

I am a first time home buyer and I’ve heard that I can receive a credit of $7500 for buying a house.

Every time I call a mortgage lender they act like either I’m from Mars and I don’t know what I’m talking about or they say they don’t have any updated information to tell me.

Who can I call or where can I find out additional information about this. I want to make sure I make the appropriate downpayments and follow the rules to make sure I’m elgible.

Who can tell me more about this? What resources are there out there? It seems like Congress passed a law and no one knows about it. Is anyone with a pulse eligible that is a first time home buyer?

Answer: First time home buyers, is a “Loan” that you get from the government that you have to pay back each year when you file for your income taxes.

Lenders do not like this credit at all because it ends up as a “phantom” down payment. What i mean is you have to pay it back and increases the risk to the lender.

More information found in my link below.

Las Vegas home sales fall 11 percent in June

July 09–The tailwind from the homebuyer tax credit has ended and some housing analysts are concerned the market may be headed for further decline.

Home Buyer Tax Credit Update, Use $ for Down Payment