November 13, 2008
Tax Credit for First-time Home Buyers
Taking advantage of the 'Tax Credit' signed by President Bush can be an excellent incentive to get into your first home by July 1, 2009.
Tax payers who are single and earn less than $75,000 a year and married couples who combined earn less than $150,000 are eligible for this tax credit. The loan amount of this program is 10% of the homes purchase price with a maximum of $7,500. You need to remember that this is not a full credit and a portion needs to be repaid each year for 15 years. This is a great way to pay off high interest loans because it is essentially interest free. Please note that if you sell your home within 15 years, the remaining balance will need to be paid off at closing. If there isn't enough money to pay it off, the rest is forgiven. For more information on this bill, visit http://www.utahhousingfacts.com/NAC30.htm
This tax credit has many benefits that can and will help those who use it wisely. On the other hand if not used to improve your situation can put you further into meaningless debt.
Posted By: 
Brad Sears
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