UPDATE ON THE $8,000 FIRST-TIME HOMEBUYER TAX CREDIT
July 16th, 2009 by Excel TeamFile Under: General
You may remember, we discussed the $8,000 tax credit being given away by the federal government to first-time homebuyers who purchase a home before December 1, 2009. Basically, you get that $8,000 back in a tax refund next year, which is a nice chunk of change for any upgrades or appliances you might need to buy for your new home.
But what if you can’t buy a new home because you don’t have the money for a down payment? According to AccountingWeb.com, some states are helping with that, too, by offering no interest, no payment loans (until June or July of 2010) to be used as down payments that can then be paid off with the $8,000 tax credit next year. Not a bad deal, eh?
So far, Missouri, Colorado, Delaware, New Mexico, Pennsylvania, Tennessee, and Kentucky have all developed similar loan programs for monetizing the tax credit. Idaho, New Jersey and Ohio are working on programs.
If you’re interested (and why wouldn’t you be?), check out more details about the loan programs here.
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