Looks like the $7,500 tax credit may NOT have to be paid back

[eddymvp]

I did the calculation from that website and since I only went over by almost 700, I would lose 260 from the original loan and would received 7240. I'm planning to make my purchase in march or april and i've already filed my income tax using turbotax. How would I amend my income tax to receive the credit?

[pattycake]

You could file a 1040X after you close, or wait until next year to get the credit.  

[Anonymous]

I read on IRS.GOV, that the $7500 is a 15 year interest free loan, that has to paid back in the sum of $500 per year. It would be nice if it did not have to be paid back.

[Anonymous]

That's how it was originally drawn up but they are in the process of converting it to where you don't have to pay it back.