As most of you have heard the new housing relief bill recently signed by the president included a $7500 tax credit for first time home buyers. However this tax credit isn't limited strictly to first time home buyers, it also includes those who haven't owned a home in the last three years. The tax credit, which will be applied on your income tax return actually acts as a no interest loan, due in 15 payments. Meaning you will owe Uncle Sam an additional $500 a year extra on your taxes. If you sell your home before paying your credit back, then the remaining balance will be taken from your proceeds. If there's not enough money in the proceeds to cover the balance of the loan, then the remaining balance will be forgiven.
This is great news for those who have been waiting to buy a home! In fact some new home builders are offering to match the $7500 credit!
Jump and jump now, this credit is for a limited time.