A lot of you may not be aware that the new Housing Stimulus Legislation recently signed into law by President Bush will be a source of interest free funds to this year's First Time Home Buyers.
If you were, or will be, a first time buyer between April 9, 2008 and July 1, 2009, you may be entitled to a temporary $7500 tax credit. This means you can receive money from the government, interest free, to be paid back at $500 a year for 15 years, unless you sell the home.
When you sell your Fort Hood real estate, the balance of the tax credit is to be paid back from the proceeds of the sale. If there was insufficient profit to cover the balance owed to the government, the remaining credit payback would be forgiven.
This would be a great opportunity for those of you thinking of buying a home to plan to use the tax credit funds to pay off high interest credit card debt, or to pay off student loans that may be a burden on a first time buyer.
As always, when dealing with the government and the subject of income tax and estimated tax credits, always consult a qualified tax professional who can explain everything to you in greater detail. If you'd like to read more now, visit www.federalhousingtaxcredit.com.
This should prove to be a super program if buyers use the funds as part of a solid plan to grow their financial future!
