$7500 Tax Credit- or Is It?

I have had a few buyers ask my about the $7500 tax credit. It initially sounds great, but then you read the fine print. It's not as great as one would hope. As long as you are a first time home buyer and purchase a home prior to April 9, 2008, you are eligible for up to $7500 to deduct at tax time. Not really free money, as you have to repay all of it within a few years or when the house sells, whichever comes first. So it is really an interest free loan, which may or not be of interest for some buyers out there. I have seen the tax credit mentioned in house listings on the MLS. "Take advantage of the tax credit" or "best time to buy with the tax credit".

I am not a mortgage or tax expert and do not claim to be, but guide your Buyers to the best education out there. Allow them to have access to all of the pertinent info when it comes to home buying. This is a huge undertaking, one that should not be taken casually or lightly. Many folks are in trouble today due to their less than stellar education in exotic loans and adjustable rate mortgages. I have always lived by the phrase "If it sounds too good to be true, then it probably is". Investigate, investigate investigate. Immerse your self in useful knowledge and if you don't know where to start, then ask! You need to be informed and in "the know".