You do not need to be a first time homebuyer to be eligible for this $7500 credit, which is actually an interest free loan from the government for 15 years (Yes, you do have to pay it back over 15 years!). The term first time homebuyer is a misnomer. Actually, according to the New York Times:
a “first-time homebuyer” is a person or couple who had no ownership interest in a principal residence in the United States during the three years ended on the purchase date of the residence for which the credit is claimed. Thus, someone who formerly owned a home, then rented for several years, could qualify. The purchase must be on or after April 9, 2008, and before July 1, 2009.
Homeowners who qualify are eligible for 10% of the purchase price of their home up to a maximum of $7500,
The credit is available to joint filers with modified adjusted gross income below $150,000; it phases out once income exceeds $170,000. For single filers, the numbers are $75,000 and $95,000.
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