First time homebuyer workshop last night
By Leslie | March 27, 2009
We had about 16 people attend our first time homebuyer seminar last night at the CitiBank conference room in Ventura. Don covered the new $8,000 first time buyer tax credit and financing. In the second half, I covered “reality checks” first time buyers face, plus reviewed the Residential Purchase Agreement which covers the rights and responsibilities of both the buyer and seller. Tomorrow (Saturday) we take these folks on a “speed dating” caravan of REO properties in Ventura – weather looks great for a fun morning!
Filed under article topic: Home buyers
March 30th, 2009 at 7:18 pm
Hello,
I would like to have some questions on the tax credit.Aldoug i did read
http://www.federalhousingtaxcredit.com/2009/faq.php#8
What i understand is if would need to pay for my 2008 tax 10,000 as a first
time buyer i would get $8000 back,is this correct?
Thank you,
Arman
March 30th, 2009 at 8:28 pm
Hi Arman – I’m not precisely sure of your question. The link to question #8 correctly states that Congress in 2008 had a first time homebuyer tax credit of $7,500, BUT you had to pay it back over time. It wasn’t “free” money. So if you bought your home in 2008, you came under this law.
However, the 2009 law Congress just passed is different. It’s for $8,000, but is NOT paid back if you live in your home for at least 3 years. Obviously, to qualify for this tax credit, you must buy your home in 2009.
Did this answer your question? Leslie