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Old 02-12-2009, 08:36 AM
 
Location: Charlotte, NC
143 posts, read 466,178 times
Reputation: 80

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I've been trying for days to hunt down the answer to this and I keep finding conflicting information -

I purchased my house (first time home buyer) on June 30, 2008. I did my taxes weeks ago and already have gotten the return which included $7,500. My question is...will I have to repay this? Some places say yes other say no. Many news articles say that if you purchased after 1/1/09 then you don't have to repay but what about the folks that bought right before the recession like in my case?
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Old 02-12-2009, 09:08 AM
 
Location: Ocean County, NJ
228 posts, read 1,008,544 times
Reputation: 110
Yes, you must repay it (at this point in time).

It is an interest free loan.

You do not have to pay it back for the first two years.

It is paid back over a 15 year period.

You pay an additional $500 a year on your income tax during those 15 years.

Put it towards your mortgage principle.
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Old 02-12-2009, 09:31 AM
 
Location: Charlotte, NC
143 posts, read 466,178 times
Reputation: 80
Thanks for the info. I keep hoping the credit will be changed so I don't have to pay it back. I'm going to be using it to pay off my car.
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Old 02-12-2009, 09:42 AM
 
Location: Ocean County, NJ
228 posts, read 1,008,544 times
Reputation: 110
Quote:
Originally Posted by kja25 View Post
Thanks for the info. I keep hoping the credit will be changed so I don't have to pay it back. I'm going to be using it to pay off my car.
Me too.
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