The Federal Tax Credits Blog

Posts Tagged ‘government tax credits’

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.

Greece faces big challenges in 2010

ATHENS – The debt-ridden Greek economy will confront major challenges next year, the finance minister said Thursday, at the end of a month in which the government’s credit standing suffered downgrades from all three rating agencies.

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