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7500. LOAN, INTREST FREE, paid back by $500. a YEAR

If you purchased a house in 2008 and you are a first time home buyers, you can go get a loan of 7500. , intrest free, but you have to pay back $500.00 a year at tax time.. They take it out of your taxes each year...
If you bought one in 2009, you can get a 8000.00 doller loan and you don't have to pay it back at all...

Has anyone heard of this? Is this some kind of catch to this? I just can't believe it? WOULD YOU DO IT?

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racingmomma

Asked by racingmomma at 6:20 PM on Mar. 8, 2009 in Home & Garden

Level 1 (0 Credits)
Answers (3)
  • Have not heard of a loan only an extra tax credit if you bought a home for the first time.
    Anonymous

    Answer by Anonymous at 6:23 PM on Mar. 8, 2009

  • Yea, it is a tax credit but you pay back $500. a year out of your taxes. So basically a government loan.
    racingmomma

    Answer by racingmomma at 6:24 PM on Mar. 8, 2009

  • This "loan" so called, the IRS sends it with your tax refund if you decide to do this. You do pay back $500 a yr at tax time for 15 years. Some ppl do not get $7500 though. It depends on the value of the house you bought. But all loans must be paid over a 15 yr. time period. My husband and I decided not to get this loan just for the fact that each yr we can keep that extra $500 in our tax refund that we would've had to pay the IRS. There really isn't a catch except the having to pay it back part. The woman that does our taxes said that since this new loan for homebuyers in 2009 does not have to be paid back, they are discussing possibly not making the 2008 homebuyers pay back either. If so and you qualify for the loan, you can amend your tax refund and get the loan without paying it back..
    vikaroo18

    Answer by vikaroo18 at 3:49 PM on Mar. 11, 2009

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