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$7500 Tax Credit: FAQ’s

  1. The tax credit is for 10 percent of the purchase price, but not to exceed  $7,500.  So if you purchased a home that cost $70,000 (70000x.10), your credit would be $7,000, but if you purchase a home that costs $100,000, your tax credit would be $7,500, as it is the maximum credit
  2. Single family homes, including condos & co-ops, are eligible
  3. You receive the $7,500 credit on your tax return in the form of a refund, not when you purchase the home.   Therefore, if you purchase a home and received the full $7,500 tax credit, and your tax bill for the year was       $4,000, you would receive a refund of $3,000  (if you already paid your tax bill throughout the year then you would get a refund of $7500).  Please check with your tax preparer as we are not accountants.  
  4. The income limit is $75,000 for individuals and $150,000 for a joint return.  Above this, the credit begins to phase out in proportion to ones income.
  5. Only individuals who have not owned a home as a primary residence in the 3 years previous to the purchase qualify.  A primary residence is identified as a home that someone lives in greater than 50 percent of a year. 
  6. The credit is technically a 15 year interest-free loan, as it must be repaid over a 15 year period, with each yearly payment being just over $500, but no interest is charged.  If you sell the home before then, you will have to pay back a portion, check with your accountant if this indeed becomes the case for you.
  7. This is on houses purchased on or after April 9, 2008, but before July 1, 2009.   
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* Terms and Conditions Apply - Rate referenced above is guidance and is based on available rates from our lender network as of December 16, 2011 for a 7/1 adjustable rate refinance, a loan amount of $250,000 in Virginia, 2.675 discount points, at least 20% equity in the subject property, a single-family home, primary residence, minimum 740 credit score and verifiable income for the borrower(s). Rates mentioned in any advertising are guidance and are based on a sampling of available rates from our lender network. FHAInfoCenter  is not a lender. Specific rates and terms offered to our applicants by specific lenders and providers within the network may vary, though our lenders and providers understand they are in a competitive environment and offer highly-competitive rates directly to our applicants. Rates are subject to change daily without notice. Not available in all states. Payment amounts shown do not include taxes or insurance.

 

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