Obama's new Treasury Department is considering a revised version of the $7,500.00 tax credit for first-time homebuyers. As you may recall, the previous law permits a first-time homebuyer to receive a one-time $7,500 tax credit which the homebuyer is required to repay over a 15-year period at $500.00 per year at zero percent interest.
The new proposal would keep the $7,500 tax credit intact, but would remove the repayment requirement. In other words, the $7,500 would be received with no requirement of a repayment. This is quite a different stimulus.
Under the current proposal, the purchase would need to be made before July 1, 2009.
We should know in the next 30 days whether this portion of the Obama Administration stimulus will be part of the overall package.
Keeping you in the loop! Have a great day!
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Jolenta Averill, Principal
Lake & City Homes Realty