$7500 for MN First Time Home Buyers!

More Money for Minnesota first time home buyers!The government is offering this $7,500 to any first time home buyer buying their new place between April 9, 2008 and July 1, 2009.

To qualify you must be a US citizen (or qualified "nonresident alien") and make less than $75,000 a year. ($150,000 for married couples filing jointly). You also have to be a legitimate 1st time home buyer OR you can't have owned a home in the last 3 years… That's it! (well, and you have to be someone who files your taxes in order to receive the tax benefit!) How does it work then, you may be asking yourself? EASY! If you owe less than the $7,500 for taxes, the IRS cuts you a check for the difference.

If you were owed a refund, add the $7,500 to your refund amount and that's what you'll receive.

So, for example, let's say you owe $1,500 at tax time and your 1st time home buyer credit is $7,500. (7500-1500=6000) You will get a refund check in the amount of $6000. If, for another example, you are owed a refund of $1,500 and your 1st time home buyer credit is $7,500 (7500+1500=9000), you will get a check in the mail for $9000. How cool is that?

There are no restrictions on the type of home: single family home, townhome, condo, new construction, or resale AND if you are a married couple filing separately, your credit will be split – $3,750 to each spouse. Almost sounds too good to be true!