New Tax Credit For First-Time Home BuyersAug 21 2008
Thinking about buying your first home? Act now, and you could be eligible for an additional $7500 tax credit.
The Economic Recovery Act of 2008 recently passed by Congress allows you to receive an additional tax credit of 10% of your home purchase amount, up to $7500. This occurs on top of the standard tax deductions all home owners receive. If your tax bill does not total $7500, you'll receive the difference in cash.
It's easy to receive--you do not have to be pre-approved or fill out any additional time-consuming paperwork. Just claim your credit on your tax return. It's that simple.
Guaranteed Rate wants to help you live the American dream now, instead of writing a rent check each month. Use our rent vs. buy calculator, to calculate exactly how much money you'll save.
Why wait? Our experienced loan professionals are here to help you through the new home buying process, and you're guaranteed to receive lowest mortgage rates and fees. Apply Online Now, or call 1-866-934-RATE, before this additional tax credit expires.
It's Easy To Qualify:
- You must not owned a home in the past three years.
- Home must be your primary place of residence
- Must earn less than $75,000 annually for individuals, couples filing jointly must earn less than $150,000.
- Purchase your new home by July 1, 2009.
This tax credit is completely interest free, and must start being repaid after two years. As with all financial decisions, please contact a tax attorney or licensed financial planner to ensure any financial decision you make is right for your personal situation. Please contact your Guaranteed Rate Mortgage Consultant for more details.