Mike’s Real Estate Show

The “Housing Assistance” Bill just signed by President Bush has a first time homebuyer tax credit of $7,500.

• This is the maximum amount allowed (10% of the sales price or $7,500).
• It also is for those who have NOT purchased a home in the past 3 years and is for your primary residence.
• Limited life-span–Homes purhased after April 9, 2008 and before July 1, 2009.
• Make over $150,000–NO credit
• It needs to be RE-PAID!! It amounts to a tax-free loan initially. You have to pay $500.00 per year for 15 years.
• Can be recaptured! Seller early than 15 years? Whatever’s left you pay THAT year!
• Move to another home? If within the 15 years you pay!
• Talk to your CPA to see if this is REALLY that good of a deal!