First-Time Home Buyer Tax Credit

The National Association of Home Builders has put up a great site about the First-Time Home Buyer Tax Credit: http://www.federalhousingtaxcredit.com/faq.php

This $7,500 tax refundable credit (you get the refund, even if your taxes are less than $7,500) is available to qualifying home buyers until June 30, 2009.

Essentially, you are borrowing $7,500 from the US Government to buy a home; you repay the money at $500 per year for 15 years or the balance owed when you sell that home in the future.

Check out the link above for all of the details. It’s a great interest free loan if you haven’t owned a home in the past three years, and you’d like to do so.