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Does the $8k have to be repaid? A friend on my bowling league said it doesn't but I could have sworn I read it was just a 15 year interest free loan, where $500 has to be paid back each year for 15 years....? Maybe I'm thinking of an older $7500 tax credit?
If you live in the house at least 3 years it does not have to be repaid.
Quote:
Originally Posted by TheEricHarris
Does the $8k have to be repaid? A friend on my bowling league said it doesn't but I could have sworn I read it was just a 15 year interest free loan, where $500 has to be paid back each year for 15 years....? Maybe I'm thinking of an older $7500 tax credit?
The scary thing is my very professional mortgage broker SWEARS the new $8,000 one has to be repaid $500 per year. I said, "No it doesn't. That's the old $7500 one". We went back and forth. He still thinks he is right. I know I am. I was going to send potential buyers his way, but not now! I don't want him to convince them incorrectly about the $8,000 I am telling them they will be getting to keep.
It does NOT have to be re-paid. And you can get up to $6000 of it from your state's housing commission (SOME states - not all). You can also file an amendment even if you filed your taxes and receive that money w/o waiting for next tax season. I too, have been given incorrect advice from loan officers so I just decided to suck it up and read the plan. You can turn in loan officers to your local hud but I don't know if that would do any good. Best to keep shopping for an officer who is in the know.
That's a nice flyer. I also heard there is another credit ($7500?) in addition to the $8k if it is new construction, might have been only in CA? But the used home prices are much better right now.
I forgot to mention the coop is part of the Michelle Lama housing in the Bronx Ny Coop city
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