First Time Home Buyer Tax Credit

Posted on | January 23, 2009 | No Comments

First Time Home Buyer Tax Credit
by Matt Clark, Cincinnati Realtor
Cincinnati Real Estate

Maximum of $7,500
First time buyers only
Homes purchased April 9, 2008 – JULY 1, 2009
A zero interest loan for 15 years

I love this program! What Cincinnati first time home buyer doesn’t need a bigger tax refund from Uncle Sam? Although this is really a loan (not a gift), it is a great thing! Cincinnati first time home buyers can use this money to do renovations, buy furniture, a down payment for a new car, or just SAVE IT! The possibilities are endless.

Many Cincinnati first time home buyers can find themselves feeling a little “tapped out” after the purchase of their first home. Coming up with a 3.5% down payment, paying miscellaneous closing costs, inspection fees; all this money going out sometimes depletes the financial cushion that you had in savings. This extra $7,500 in the bank will make you feel a lot more financially sound.

Since this is not a “gift” from our government, it does have to be repaid. The repayment period is 15 years though! If you claim the entire $7,500, and repay over 15 years, this will only be $500 a year. That is only $41 a month to have access to $7,500 right now. I think this is a great loan for Cincinnati first time home buyers. Even better, you don’t start repaying the loan until two years after it is claimed! For a Cincinnati first time home buyer that purchased a home in 2008, you won’t start repaying it until tax time 2010!

Have you found your first dream house but you wrote it off because you didn’t think you had the money to remodel that kitchen? Think again! I specialize in working with Cincinnati first time home buyers, so give me a call and let’s go make your dream a reality in 2009. If you have any questions, please don’t hesitate to call or email me for the answers. Also check out the website below for more information.

Complete legal details of the tax credit can be found at http://www.federalhousingtaxcredit.com/ or by consulting your tax professional.

Category: buyers, cincinnati first time home buyers, cincinnati real estate, tax credit

Comments

Recently Written

First Time Home Buyer Guide:

Are you a first time home buyer or just in need of some creative ideas for your home? This Creative Ideas Guide from Lowes features great tips on painting, how to be more green, and easy updates to make your home standout.

Welcome!

Want to follow the trends going on with Cincinnati Real Estate? Head straight over the Cincinnati Real Estate Blog or scroll down some more to learn more about Cincinnati's great neighborhoods. Here you'll also find out more about the marketing services I offer if you are Selling your Cincinnati home or how to become a VIP Buyer if you're Buying a home in Cincinnati.

Subscribe to our feed

Search Oakley Homes for Sale

Search Hyde Park Homes for Sale

Search Norwood Homes for Sale

Search Anderson Homes for Sale

Search

Need a question answered right now? See if I'm online below.

If I'm not online, the quickest way to reach me is to call or text message 513.259.8333 or you can always reach me by email at Matt@MattClarkCincinnati.com

Cincinnati Real Estate Blog