NEW TAX CREDITS FOR FIRST-TIME BUYERS
Created: 1/27/2009
First-time homebuyers, defined as people who haven't owned a home in the past three years, are eligible to receive up to $7,500 in tax credits, based on a joint filing couple earning less than $150,000 annual income. Individuals earning less than $75,000 can receive up to $3,750. The tax credit is actually a zero interest loan that is repayable over 15 years. The credit applies to homes purchased up to July 1, 2009.