From Tom Henichek, a local loan officer at Mountain Mortgage
- Tom Henichek
Many of you are familiar with the $7,500 tax credit if you purchased a home after April 8, 2008 and before July 1, 2009. Essentially, the government has given you an interest free loan for purchasing this home if you are not a high-income tax payer. This credit must be paid back within a 15 year period. If you sell the house prior to that time, the remainder is due in the year of the sale.
Another new program has been released by the IRS for those purchasing a home before December 1, 2009. This program allows for up to $8,000 tax credit ($4,000 for married filing separately) which does not have to be paid back as long as you occupy the home for 36 months. Again, this benefit begins to phase out for high-income earners ($75,000 or $150,000 for joint filers). If you purchased a home on or before December 31, 2008, you are not eligible for this new program.
This program is only available to first time homebuyers which includes those who have owned a home previously but not within the past 3 years pf the date of purchase. Simply fill out IRS Form 5405 to claim this credit.
For more information about the current financing market or to get pre-approved, call
Tom 928-775-9330 or email him at tomhenichek@cableone.net.
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