1st time homebuyers can get $7,500 tax credit that is actually an interest-free loan

[NNN0LHI]

http://www.daily-journal.com/archives/dj/display.php?id=431700

Nov. 25, 2008, 11:39 am

A wide selection of properties available at affordable prices, relatively low interest rates and a new federal incometax credit make this a good time for first-time buyers to consider jumping into home ownership, said Sarah Powers, president of the Kankakee County Association of Realtors.

The $7,500, first-time homebuyer tax credit is actually an interest-free loan that is paid back at a rate of $500 per year for 15 years, Powers said. The money can be particularly helpful to people considering buying a lower-priced house that needs repairs, she said.

The program is scheduled to end June 30, 2009, but the National Association of Realtors is lobbying to have the tax credit made permanent, said Mary Schaefer of the Illinois Association of Realtors. The Realtors also want the tax credit expanded so it would be available to all buyers and they would like to see the payback requirement waived, she said.

[madrchsod]

1. makes perfect sense to me

in most cases house total house costs are less than renting for the same sq feet.


there`s 45,000 forecloses filed in chicago...they were filed a year and a half ago...

820 had the cook county sheriff on sunday and he said that he`s only served 2 eviction notices since he was ordered to start again. he`s totally pissed off at the whole deal he`s been forced into. he said that the almost all the foreclosures so far are caused by fraud or foreclosures on the landlords

[NNN0LHI]

2. I like the idea that it could be used to do some repairs to the house before moving in

Many of the repos out there will definitely be needing some repairs.

This does sound like a good program.

I wonder who the sponsors were?

Don

[Egalitariat]

3. That program has been available nationwide for months. Hasn't moved the needle at all

It's not a total failure, but pretty close.