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If you are a first-time home buyer who has purchased or plans to purchase a home between the dates of April 8, 2008 to July 1, 2009, you are eligible for a tax credit of $7500. This is a wonderful opportunity. Essentially, the "tax credit" acts as an interest free loan that will have to be paid back to the government over a span of 15 years, which is $500 a year. But for those you who are on the edge of wanting to be a homeowner but are afraid to spend all of your savings on a down-payment, this tax
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