New Tax Credit 
for First-time Homebuyers Available
As part of the Housing and Economic Recovery Act of 2008 (July 30, 2008), a $7,500 tax credit is now available for any qualified home purchase between April 8, 2008 and June 30, 2009.
This tax credit is repayable over a 15 year period. You can say this is sort of an interest free loan. The National Association of REALTORS (NAR) will, after the Presidential election, try to get this credit to be non-repayable. NAR is constantly working hard to help the public with real estate related topics. I contribute to the REALTOR POLITICAL ACTION COMMITTEE (RPAC) every year.
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