Sunday, February 28, 2010

I have heard that the goverment will help people who buy house whithin Apr 08-Jan 09 $7500. Is this true?

IF this is true, please help me how to start and where to contact? Thanks a lot!!!!I have heard that the goverment will help people who buy house whithin Apr 08-Jan 09 $7500. Is this true?
It's a zero-interest tax credit that must be repaid over time, but it could help a new, first-time homebuyer get his/her feet under him/her.





It's only for first-time buyers. I have heard conflicting reports about wage limitations (i.e. it might only be available to those with a combined annual income below a certain level 鈥?I've heard $75,000) being added to this program, as well.I have heard that the goverment will help people who buy house whithin Apr 08-Jan 09 $7500. Is this true?
The $7500 tax credit in that bill is not really free money. It is an interest free loan that you have to pay back over 15 years, or when you sell the property. So it just gives you a break until your interest and property tax deductions kick in to help pay it back.
This is true. However, the help will come as a tax break. You need to find a lender who does FHA mortgages. Most big banks (B of A, Wells Fargo) they do FHA loans. Try and go with a reputable bank instead of a mortgage broker.





Here's a link from CNN to read up on. Its the new law for people about to go into foreclosure, however new 1st time homebuyers can also benefit.


http://money.cnn.com/2008/07/30/news/eco鈥?/a>
wrong and don't be fooled by these scams!
First time buyers can generally receive a grant as a first time home buyer. This $7500 thing is a tax rebate that you should receive when you file your '08 taxes. That is what I have heard anyway!

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