Wow! First-Time Home Buyer Tax Credit

Earlier this week I shared news that Congress is voting to do away with seller-funded downpayment assistance programs. Bad news for most first-time home buyers – and sellers too. However, there is a silver lining. Yesterday The New York Times published an article that tells more about what the bill has to offer. According to the NYTimes, there’s something for everyone in this bill. My personal favorite is the $7500 tax credit for first-time home buyers. From what I understand, the downpayment assistance programs will go away some time in October – so there’s still time to use them if you need them. What’s great is you may also be able to get the $7500 tax credit next year. It’s an opportunity to sort of double-dip, if you will. Be careful of the fine print though… that credit has to be paid back over 15 years. Read the NYTimes article.