The Saint Paul Blog

January 16th, 2009 5:54 PM

Many of you have heard about the first time homebuyer tax credit, but have a few questions. Here is a summary of what it’s all about:

· The tax credit is available for first-time home buyers only.

· The maximum credit amount is $7,500.

· The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.

· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

· The tax credit works like an interest-free loan and must be repaid over a 15-year period.

FYI – Rates for the weekend are at 4.875% for 30 year conventional and FHA (a premium will be paid for people buying condos or duplexes). If you need a recommendation for a great loan officer, just send an e-mail or call and we’ll pass along a few names of people we trust.

Posted by Leslie Kleppe on January 16th, 2009 5:54 PMPost a Comment (0)

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