GOOD NEW...DID SOMEONE SAY TAX CREDIT?
Good news From April 9, 2008 through July 1, 2009
Tax Credit up to $7,500 for First Time Homebuyers
10% of Sales Price up to a Maximum of $7,500
Must be Primary Residence
Income limits $75K for Single or $150K for Couples
Phases out at $95K and $170K Respectively
THE FINE PRINT
The Tax Credit is actually an interest-free loan, must be PAID BACK OVER 15 years at $500 per year
If home sold early, repayment of loan is limited to amount of appreciation.
If you die the loan is forgiven.
Consult a tax advisor for more information.