If the down payment on your dream home has been an obstacle for purchasing your new home, then we need to talk!
The Nelson Group can team up with you and the new opportunity for an interest free loan that can be used as your down payment.
The housing rescue bill, soon to become law, is full of goodies for homeowners and those who aspire to be homeowners.
This law will allow a tax credit of up to $7,500 to first-time home buyers. Someone who has not owned a home in three years is considered a first-time homebuyer. The credit is for 10% of your home purchase price, up to $7,500. However, this phases out for higher-income homeowners. You would be eligible if you buy after April 8, 2008 and before July 1, 2009.
Not to be confused with a tax deduction, this one-time tax credit will reduce the homeowner’s tax bill by up to $7,500 for the tax year in which the purchase is made.
This money does have to be repaid over 15 years, starting two years after you purchase your house. This makes the tax credit an interest free loan. If you were to take the full $7,500 tax credit, your income tax bill would increase by $500 a year for 15 years. If you were to sell your home before then, you would have to pay Uncle Sam the difference.
Feel free to contact us toll free at 888-835-4986 for more information. We would love to schedule an appointment for you to come in and discuss this wonderful opportunity!