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Atlanta First Time Home Buyers - $7500 Tax Credit

08/04/08 | Kathy Drewien | Category: Buyers

The Housing and Economic Recovery Act of 2008 was just signed by President Bush with some amazing benefits for first time home buyers.

When is the last time someone gave you a $7,500 loan, that has no interest, no payments for two years, and if you do not make enough profit when you sell, you do not have to pay back the loan?

That is what first time homebuyers get.

Call everyone you know who wants to buy their first home, this is too good to miss.

The risk of loss in buying now is on the government. In other parts of the country where real estate is going down in value, you can lose 10% of the value of the home (up to $7,500) and the loss is covered by the fact that you do not pay back the tax credit. The North Atlanta real estate that first time buyers can afford is going up in value, so we are not as worried about the risk of loss. Even a bad buy that does not go up in value is covered by the tax benefit because you get $7,500 no matter what happens.

What is the catch?

You have to buy your first house in three years before July 1,2009, not have super high income, not use bond financing and buy anywhere in the US, Not too difficult, right?

My thanks to Tim Burrell, Raleigh real estate broker, for his informative article on tax benefits to first time homebuyers.

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