Tax credit of up to $7,500 for first time homebuyers(no ownership in the last three years) credit = 10% of cost of home up to $7,500.00

To all those first time home buyers that have purchased their first home from April 9, 2208 thru June 30, 2009 this applies to you.

Income restrictions for individual filer=$75.000(AGI);phase out for incomes between $75,000-$95,000

Income restrictions for joint filers=$150,000(AGI);phase out for incomes between $150,000-$170,000

Castch:  tax credit paid back over 15 years with no interest

No application process; claimed with tax filing