Questions about the $7500 gov credit

**primetime** · 08-19-2008, 04:32 PM

Hello! First time poster here!

Does the 7500 credit for first time buyers that purchase a house between April 9 of 08 and July 1 of 09 have to be done using an FHA loan?

Do singles get the full 7500, or is that amount only offered for married couples, making singles only eligible for 3575?

What kind of a partial credit is given if the modified adjusted gross income is 82K, being that a 75K MAGI and lower recieves the full credit of 7500? Would it be $4875?

82K-75K = 7k
7k/20k = .35
1-.35 = .65
.65*7500 = 4875

Do contributions to 401K contribute to the modified adjusted gross income?

**stan Jensen** · 08-19-2008, 07:02 PM

I've been in the real estate brokerage business for 38 years, I've never seen thing so screwed up. Find an FHA "direct lender" and ask them. I'm not sure that even FHA knows! Get yourself approved, you'll know then.

**jamesww** · 08-19-2008, 08:48 PM

No, you are not required to use an FHA loan.

Yes, singles can recieve the full $7500 credit assuming a purchase price in excess of $75,000.

No, 401K contributions do not count.

Check out this link for an overview of the details of the bill.

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