Buy a home AND get paid $7,500 for it, thanks to the new HOPE for Homeowners bill. With HOPE, would-be homeowners are entitled to a $7,500 First Time Home Buyer tax credit. Yes, you basically get $7,500 back when it’s the first time you buy a house. Although there are a few requirements to be eligible for the credit, it’s all worth the hassle, especially if money’s a little tight.
Are you trapped in a mortgage that you can’t afford? Then check your eligibility. To qualify for the credit, you must purchase your very first home between April 9, 2008 and July 1, 2009.
But don’t go calling your favorite real estate agent just yet. If you want to fully enjoy this credit, it’ll serve you well to choose your first home smartly. Research on mortgage lenders and what options are available. Also, pick out a loan that best fits your long-term financial goals.
And after purchasing your house, then you can apply for the $7,500 tax credit. This is done during the filing of your federal income tax return. It’s that easy.
Keep in mind though that you qualify for the full tax credit only if you earn less than $75,000 annually if legally single, or have an annual income not larger than $150,000 if filing jointly. If you do not meet the criteria but would really want to have a piece of that $7,500, then go ahead and consult your tax advisor. There’s a chance that you are entitled to a portion of credit still.
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