If you purchase a home before September 1, 2009 and you are a first time home-buyer (someone who has not purchased a home within the last 3 years, see http://www.hud.gov/offices/hsg/sfh/ref/sfhp3-02.cfm for exact details) you will be eligible to receive a tax credit for $7,500 which does not have to be repayed. The previous stimulus bill had the tax credit listed as a repayable interest free loan for 15 years. However, there are income limits that disqualify 1st time homebuyers to receive the credit for those single home purchasers who earn more than $95,000 in adjusted gross income and $170,000 for married couples who file jointly.
For more information check:
http://www.seevalleylistings.com/article.aspx?xml=http://realtytimes.com/rtnews/xml/20090216_washingtonreport.xml
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