This credit is available for first time home buyers only
The credit is available for homes purchased before July 1, 2009
The tax credit works like an interest-free loan and must be paid over a 15 year period
Home must be purchased as a primary residence
Individuals must have a modified adjusted gross income of less then $75,000 annually and couples MAGI of less then $150,000
The tax credit essentially serves as an interest free loan to be paid back over 15 years. For example, a home buyer claiming a $7,500 credit would repay $502.00 per year. Payments do not start until 2 years after the tax year in which the credit was claimed
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