Eugene Loan Guy

Posts Tagged ‘$7500 Tax Credit’

According to the news reports that I am reading, the “Stimulus Bill,” both House and Senate versions have a provision for the $7,500 first time home buyer tax credit to actually be a credit rather than a 15 year interest free loan. Since both versions of the bill have this in it, it is nearly a fait d’ complete that it will happen.

It will be interesting to see how this bill progresses and what changes come about because of it. It is my opinion that making this an actual credit is an excellent way to spur purchases by first time home buyers.

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I guess I can’t talk about the first time home buyer $7,500 tax credit too many times. People are very interested in this program. First of all, let me stress that there are limitations and qualification for this program. The most stringent is that it is available for homes purchased between April 9 of last year (2008) and July 1 of this year (2009). If you miss that window, you miss the tax credit. There is talk about extending this window, but nothing has happened yet.

Next, the credit is only available to single taxpayers with an Adjusted Gross Income (AGI) of $75,000 or less or married taxpayers with a AGI or $150,000 or less to get the full credit. Lesser credits are available for those making more than the limits listed here. Read More

Oftentimes people don’t do something until they have a sense of urgency. This carries over to purchasing a home too, not just for experienced home owners but also for first time home owners. In a market such as we have with mortgage interest rates dropping and home prices falling, they think that now is the time to sit on the sidelines and wait for the great interest rate and for the perfect home you want to get to just the right price before you make your move. Sound familiar? Read More