First time homebuyer incentives - temporary tax credit by congress...... this $7500 credit will be available for the purchase of a principal residence - (April 9, 2008 to July 1, 2009)

This credit is limited by several things - household income, price of the home, and the buyer's tax liability. The household income requirements are generous, so most first time homeowners would qualify. The credit is for 10% of the cost of the home - if the home coast $65,000, the credit would be up to $6,500.

This is more like an interest-free loan - all purchasers who claim the credit will be required to repay it over 15 years but with no interest . (payment will be 6.67% of the credit amount each year)

This credit is not issued when you purchase the home, but rather with your yearly taxes.

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