Hilde's Mortgage Blog

It's tax time, you probably don't want to even hear the word tax. However, here is good news for you if you are a qualified home buyer how bought your primary residence after April 8th 2008. You may be eligible for a $7,500 tax credit. The link to the IRS site is here.

Currently, the tax credit needs to be repaid. There is discussion at Capitol Hill to eliminate the repayment requirement. Stay tune for updates

The time frame for an eligible purchase is April 8th 2008 to July 1 2009. Capitol Hill is considering possibly extending past that deadline. Again, stay tune for updates.

Even if you bought your home in 2009, you might still be able to get the tax credit on your 2008 return.

If your purchase mortgage came from a tax-exempt mortgage revenue bond you are NOT eligible. Examples of those loans would be the Alaska Housing Finance Corporation First-time Homebuyer or Veterans Preference loans. These loans already have IRS subsidies.

Call me for more details.