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Plan to buy on 2009, lots of questions!

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Anonymous
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Re: Plan to buy on 2009, lots of questions!


@Coreyswife4ever wrote:
Can someone explain to me what the tax credit is?  I've read a couple of posts about it but am clueless.  This would be some useful information for me especially since I'm trying to purchase a house this year.

If you purchase by June 30th and are a first time home-buyer you can get a tax credit for 10% of the purchase price, up to $7,500.  There are income limits.  Also, it is really a loan with no interest that will be paid back over 15 years in equal payments ($500/yr for most) starting 2 years after you purchase.  There are more details on the IRS' website here.

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