A Nerd Reviews

Boo hoo for first-time homeowners who purchased property between April 2008 and December 31, 2008. You are possibly eligible for the $7,500 tax credit (depending, of course, on your household income and the cost of your property) but the stimulus package signed by our 44th President, Barack Obama, that waves the requirement to repay that credit only applies to first-time home buyers who purchase their property between January 1, 2009 and December 1, 2009.

Previous to President Obama’s signing of the 2009 Stimulus Package, the First-Time Home Buyers Tax Credit required the credit to be repaid over 15 years. It was basically a 0% interest loan. Now, it’s an ACTUAL TAX CREDIT. AND, if you purchase your home between January 1, 2009 and December 1, 2009, the maximum credit is $8,000!

http://www.federalhousingtaxcredit.com/