Just a little more info on this Economic Recovery Act....
•Applies to owner occupied purchases from April 9, 2008 through June 30, 2009
•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)
•Income restrictions for Individual Filer = $75,000 (AGI); phase out for incomes between $75,000-$95,000
•Income restrictions for Joint Filer = $150,000 (AGI); phase out for incomes between $150,000 and $170,000
•Catch: tax credit paid back over 15 years with no interest •No application process; claimed with tax filing