$7,500 Incentive Explained
October 8, 2008 by Admin · Leave a Comment
Sounds appealing right? well, it’s sort of like that Tax Stimulus Plan from earlier this year, only it’s on steroids, and only good for folks that haven’t owned a home in the last three years.
Essentially, if you buy a home before June 30th, 2009, the government will give you up to $7,500 in money down on the purchase of your home. The catch is you have to be either a first time home buyer or you must not have owned a home in the last 3 years.
The government thinks this is going to make people want to rush out and buy a home. Of course, this hasn’t happened, but for people who are trying to purchase a home, every little bit helps. The catch is that the money must be repaid. It’s essentially an interest free loan that has to be paid back in installments over the next 15 years (roughly $500/yr).
People aren’t exactly rushing out to buy a home right now, and I don’t blame them. This is a difficult time for Americans financially, and buying a home isn’t at the top of most people’s priority list.
Questions about buying a home and the Tax Stimulus Plan? Ask Me!
~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Southern Maryland Real Estate Blog
