Oklahomans Cash In On $8,000 Homeowner Tax Credit

Sunday, July 26th 2009, 6:28 pm
By: News On 6

By Chris Wright, The News On 6

COLLINSVILLE, OK -- Oklahomans continue to cash in on stimulus tax breaks. Realtors say more people are trying to take advantage of an $8,000 credit offered to first-time homeowners.

While the stimulus continues to come under fire for what some say is wasteful spending, this is one provision many believe they simply can't pass up. 

Dustin and Mia Nuttle married last August and had planned on renting for a couple of years before buying a home. When they heard about an $8,000 tax credit available for first-time homebuyers, they changed their plans.

Read more about the First-Time Home Buyer Tax Credit.

By April, they had moved into a Collinsville home.

"It was a real quick process. I think it was six to eight weeks later we got a check in the mail for $8,000," said Mia Nuttle.

The credit, designed to boost a sagging housing market, is part of the Homeowner Stimulus Plan. It's intended to allow millions of homeowners to refinance their mortgages and is providing $75 billion to help with mortgage payments.

The plan has its critics. You may remember CNBC's Rick Santelli's take:

"This is America. How many of you want to pay for your neighbor's mortgage that has an extra bathroom and can't pay their bills, raise their hands. President Obama, are you listening?"

But Mia and Dustin, who share the home with their two dogs, say they would have been crazy to pass up $8,000.

"Go for it. Why not? Why not? If you can get that money, why not go for it," said Mia Nuttle.

The Nuttles say the home wouldn't have been possible without the tax credit and they plan to enjoy the benefits of it for some time to come.

"We'll be here for a long time, hopefully," said Mia Nuttle.

The tax credit will expire this year. You have to purchase a new home before December 1st to qualify.