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by Jace Stolfo
on Wednesday, August 6th, 2008 at 10:15pm.
The recent housing bill that passed has provisions to help first time home buyers. If you purchase a home between April 9, 2008 and July 1, 2009 you may qualify for a $7500 federal tax credit or 10% of the purchase price, which ever is less. Not a deduction but a tax credit. So even if you only owe $3000 you will receive a $4500 refund. But before you get too excited, it does have to be repaid over a 15 year period. So really its an interest free loan. To qualify for the full tax credit you must earn under $75,000 if you are single or $150,000 married and file jointly.
UPDATE: 2/21/09 READ THIS ABOUT THE 2009 CHANGE
For more information on this housing bill you can read this article by U.S. Department of Housing & Urban Development (HUD).