Housing Stimulus for First Time Buyers
Posted by thomasomason on August 5, 2008
The Housing Stimulus bill was passed last weekend and and has something for you first time home buyers or those of you that have not owned a home in the last three years. Seems the government is giving you a tax credit up 10% of the price of your home but not more than $7500 (but only if the purchase involves two parties filing separate tax returns.otherwise $3750). Of course there a lot more stipulations, like you can only make up to $75k for singles and $150k if filing jointly. But here’s the kicker! it’s not really a tax credit, it’s a no interest loan that that you have to repay over 15 years. And yo thought the G was giving you something for nothing. Tell me what you think.
