  The First Time Home Buyer Credit is stating to be available to those New Home Buyers who never purchsed a home before OR have not purchased a home in the past 3 years.... "…The tax credit is a zero-interest loan that you will repay to the government over 15 years, starting 2 years after the credit is claimed, at $500 per year. If you sell the house, you repay the entire amount if there was enough profit to do so. If not, the amount that you don't is forgiven. The $7500 tax credit is available to 1st Time Buyers (not having owned a home within the past 3 years) of a primary residence who close between 04/09/2008 and 07/01/2009. Max credit of $7500 available to single tax payers with "modified" adjusted gross income up to $75,000 (married filing jointly up to $150,000). If income exceeds limit, partial credit may be available. You can buy in 2009 and claim it against 2008 or 2009, whichever is more advantageous. Economist William Wheaton has said "The feature saves the buyer at most just a few hundred dollars a year – the annual value of the forgone interest." Please copy & paste the link below where you can read more. http://www.federalhousingtaxcredit.com./
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