From now until July 1, 2009 First-Time Home Buyers can enjoy a $7500 Tax Credit which is repayable over 15 years interest free ! Some Highlights of this great program are:
- The tax credit is available for first-time home buyers only (anyone who has not owned a home for the last 3 years).
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009. - Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit works like an interest-free loan and must be repaid over a 15-year period.
For detailed information regarding this great program visit The Federal Housing Tax Credit Website
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