First time home owners

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Well-known member
Mar 4, 2008
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NE Kansas
Got some good news today after visiting with my accountant. Certain new home owners are eligible to receive $7500 back on their income taxes. It is not free money, as you must pay it back, but I believe it is a pretty good deal.

To qualify, you must:

1. Purchase your first home in 2008 or up to I believe July 1, 2009. I don't remember the exact dates for sure.
2. Purchase a home and you have not owned a home in the last 3 years.
3. Building your home and will be moved in by July 1, 2009.

It is basically an interest free loan. You pay it back at $500/year for 15 years through your income taxes. Wife and I are going to take it and put it towards finishing our basement someday. Put it in a CD until we are ready to use it.

Just a little nuggett to share with yall and for you to share with others who might benefit from it.
I'd certainly sign up if I met all the criteria for the money but since I've previously owned other houses I can't take advantage of it. If there are no hidden charges or disclosures it looks like a win win situation to me.

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