A $15,000 gift for homebuyers?

[SpursFanFirst]

Thanks, AFB and CMG.
I hadn't heard about that credit before. I bought my place in 2006, so perhaps it was available after that time.

In any rate, I'm considering selling and buying this fall, so maybe that $15000 credit will be available to me.

Good luck, AFB!

[AFBlue]

Good luck, AFB!

I'm gonna need it! And I'm looking for any tips, see the Club thread.

[PuttPutt]

For all first-time homebuyers in 2008. While it's a credit on your 2008 taxes you have to pay it back in equal installments over the next 10 years. 10% of home purchase price up to $75K.

You pay it back till 2024 at $500 per year (if you qualify for the full $7500). If you sell the house before you pay back the money, you have to pay the remaining balance of the credit. I built my house this last year w/ a $0 down private money construction loan. Then, refinanced it to a FHA loan. I qualify for the $7500 & have finished my taxes. I'm just waiting to see what this $15,000 deal is all about before I file & to find out more on the $7500 first time buyer credit. I don't want to get screwed.

[Rogue]

I bet it won't cost the homebuyers that much if they build their houses by themselves with bricks and mud.