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Kat81

First Time Homebuyer Credit

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I work for a big mortgage provider and get all the news on this topic, plus we are looking into buying so I pay close attention. Right now you do have to pay the money back. I believe the tax credit is good for those who buy through April or May. However, the government is looking into having this be a pure tax credit in the near future. If that happens we will finally get off the fence and buy, but as of today you do have to pay it back.

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OMG Kat thank you SO MUCH for posting this!!! I don't know how I missed this thread a few weeks ago?! Probably because we were gearing up to leave for our wedding cruise :).

 

When Danielle mentioned the credit a few days ago it was the first DH & I had heard of it. I've been searching all day to try and figure out if we will qualify for the loan requiring repayment or credit with no repayment. Couldn't find anything at all regarding the details of what passed the Senate. The link you posted says the details on repayment for people buying their homes between April - December 2008 have yet to be determined. I'm so excited about this! It will truly help us a ton! Fingers crossed it's the no repayment wink.gif!

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My fingers are crossed too! We bought our house April 24th! Although we won't qualify for the full amount we should still get around 3750. That will be really nice if we don't have to repay it. We could really use the extra money wink.gif

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