Forgiveness of Repayment of $7500 Buyer Tax Credit (2024)

Forgive the repayment of the $7500 first time homebuyer credit. Those who collected the $8000 tax credit do not have to repay those funds, so help me to show Congress that the same terms of the $8000 tax credit should be extended to those families who purchased a year earlier under the $7500 tax credit. This will help put more money in the hands of families that really need the extra money in these horrible economic times.

Many first time home buyers who purchased their homes in 2008 applied for a tax credit of $7500. This credit is to be repaid over 15 years at $500 per year with no interest. However, the following year the tax credit was raised to $8000 and there is NO repayment required for this credit. This is unfair to those who purchased their home a year before. I have been repaying my loan over the last couple of years through my taxes and during these difficult economic times, it has been tough knowing your refund will be less $500 a year for many more years to come. Those homeowners who purchased their homes in 2008 should be afforded the same benefit as the homeowners who enjoyed the $8000 first time home buyer credit and they should be forgiven the amount of the credit for the remaining years of the repayment term. In a fragile economy, many homeowners can use the extra $500 every year to offset the increasing costs of living. Those who received the $7500 credit should be forgiven from having to repay those funds just as those who claimed the $8000 credit a year later. It is not fair to punish those homeowners who purchased a year earlier by making them repay a loan that many others received (and $500 more) and do not have to repay every year.