It's passed and the President has signed - but, what does it mean?
You are elgible if you have not owned a home in the last three years. The tax credit is equal to 10 percent of the property up to a maxium of $7500. Here's how it works:
- The credit is $3,750 for married couples filing separately. Unmarried people who purchase jointly, can divide the $7,500 credit.
- The program is a loan which must be repaid over 15 years at a zero percent interest beginning in the second year after the home is purchased. A buyer who qualifies, will pay $500 for 15 years or about $41.67 per month.
- Credit applies to homes purchased on or after April 9, 2008, or before July 1, 2009.
- High-income home buyers don't qualify: Elgibility phases out for single taxpayers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.
Click here to seach homes: www.SmithFamilyTeam.com
Comments