The Federal Tax Credits Blog

Posts Tagged ‘government tax credit extension’

Question: Does the government put a lien on your home for the $7500 tax credit for first time home buyers?

I know the tax credit is for first time home buyers and that it is to be paid back at $500 a year for 15 years or upon sale of the home. I was told by my mortgage broker that the government actually puts a lien on your home until the credit is paid back, thus prohibiting refinancing or sale of the home. Is this correct?
Acermill, of course I expect it would have to be paid back upon sale of the home – already specified that in my details section. I was just curious if that lien would in fact be placed on the home and if so, then would it have to be removed bofore I would be able to refinance or sell the home.

Answer: The lien would not prohibit anything, you simply have to pay the balance of this at that time. You can still refi, still sell.

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First Time Buyer’s Nashville Tennessee First Time Buyer Tax Credit