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you get the $7500 back in your tax check from the feds. So if you would normally get back $3000 with this program your getting back $10,500. And like was already said.. you won't have to pay it back over the 15 years..
you get the $7500 back in your tax check from the feds. So if you would normally get back $3000 with this program your getting back $10,500. And like was already said.. you won't have to pay it back over the 15 years..
I thought as of today it does...which is why I was asking the question about how it's paid back.
I thought as of today it does...which is why I was asking the question about how it's paid back.
Through your income tax..starting two years after you receive it
$500.00 a year for 15 years unless you sell the house than you pay it out of the proceeds unless you lose on the house and sell for less than what you paid
I thought as of today it does...which is why I was asking the question about how it's paid back.
My kids are taking this and I've poured over the stimulus package with a fine tooth comb and don't see anything even suggesting no pay back so if someone has a link please share
The provision for making it a free and clear credit is in the House version of the bill, which means there is no telling what could happen between now, the Senate bill, the reconciled bill, and what the President actually signs. I don't have a link, its simply buried somewhere in the bill text if you care to read the entire thing. I just happen to be privy to the information. Again though, either way it's a good deal so even if I have to pay it back I'll gladly take it considering if I were to borrow $7500 over 15 years at say...7% it would cost over $4500 in interest! We'll be putting the money into a yet undetermined large DIY home project so that whenever this housing slump ends we'll be ahead of the curve...
If there's no payback provision IMO then it's akin to welfare.
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We'll be putting the money into a yet undetermined large DIY home project so that whenever this housing slump ends we'll be ahead of the curve...
