$7500 Home Buyer First Time Rebate?

[Treebender]

Say, I'm looking to buy a home for the first time and heard about a $7500 tax rebate that is being refunded to you by the government for a short time....like 2009 time frame. Has anyone heard of this and how true is it, and what are the specifics behind this rebate?

Also what are some of the secrets behind home financing?

Thanks in advance

 

[mattymac]

I think Phatty just got that rebate, im sure he'll chime in and tell you all the details

 

[SnowAddiction2]

This may help. http://www.federalhousingtaxcredit.com/faq.php

It has to be paid back over a 15 year period, so it ends up being a 15 year interest free loan from the Uncle Sam.

 

[Ex-Member]

There was a program I got in with, mortgage agent found it for me... came from a colorado group. Down payment loan at 0% interest for 10 years.

Shop around and find a good agent... that's probably your best bet. If they start jerking you around, shop around a little more. If you're with a credit union, check with them... they usually have decent rates.

Get a fixed-rate, not an ARM; unless you want to see what a foreclosure's all about.

 

[Wade]

This isn't the worst use of tax dollars I've ever seen. If you make over $100,000 a year, you don't qualify.

 

[XC700116]

Wish I could get in on it but I bought my first last year. now buying my second. Good deal for those that can take advantage of it.

Anyone know if they are making fixed rate loans mandatory with this deal? I would hope so.

Right now ARM's are only about 1/8% lower than a fixed. I think you'd be nuts to go with one right now when you can save more by buying it down a point.

 

[Treebender]

Thanks for the link to the website with more information. I will certainly review it over before hand. Do you actually get the $7500 back directly? Even though you pay it all back in 15yrs, can you actually use that money for features to add to the house?