$7500 Tax Credit and Mortgage Revenue Bond...

**bingobangobongo** · 02-04-2009, 03:59 PM

I recently purchased a housing using a state Mortgage Revenue Bond and just NOW found out that I "don't" qualify for the government's $7500 tax credit. My mortgage has already been sold to another bank...

My question is why don't MRB users receive the credit and how is the government even going to know that I used that type of loan??? Any suggestions, I'm going to be furious if I don't get that credit!

**Codythebest** · 02-04-2009, 05:43 PM

Beside, I understand this $7500 credit has to be re-paid anyway...

**oneofthecrowd** · 02-06-2009, 01:42 PM

By the way, how does that refund go that the feferal government is giving to anyone who buys a home between now and June?

**Smoody** · 02-06-2009, 07:08 PM

I too am concered with this topic

I am going to be taking advantage of the city of Las Vegas First Time Buyer Assistance program. This program gives up to 10k to qualifed individuals for down payment and closing costs. This money is basically a grant that is forgiven after you live in the house for 5 years.

These funds are not from from tax-exempt Mortgage Revenue Bonds but rather ADDI.

I am having trouble finding out if using the assistance money will prevent me from obtaing the $7500 (possibly soon to be 15k) tax credit.

Can any one shed some light on this subject?

**jamesww** · 02-07-2009, 07:40 PM

First and foremost people need to understand that nothing other than the very first bill making the tax credit a interest free loan has become law. I have given a link below that gives a summary of the version of this tax credit. Please remember that what is below is the only thing that is currently law.

http://houstonhousingmarket.org/2008...al-tax-credit/

Now to discuss the recent news on the subject. Two bills have been proposed the first having already passed the house of representatives. This bill was the one that everyone felt was stuffed with pork. This bill made the $7500 dollars not only available to first time home buyers but also to anyone who buys a new personal residence. Next it made the $7,500 a true credit as it does not have to be paid back.

Now the Senate bill has not even passed through the senate. Therefore it is not law either and still could change immensely. But if passed by the senate, house and signed by the president it would make the credit up to $15,000, it would not be limited to just first time home buyers, and would not have to be paid back. Now even if this bill gets passed in the senate it would still be up for modification and another vote before it could be made law.

Now if the Senate bill passes then the house and senate will compare the two bills and make the appropriate changes and then another vote would be made. If it passed then it would be given to the president to be officially made law. Now alot of changes have been made in both the two new bills that are to be part of the stimulus package in comparison to the original bill that is already law. The link I left above is all we get for now and we are left tunning in. The senate bill will be voted on on Tuesday next week if they stay with the same schedule.