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Housing & Economic Recovery Act of 2008

The Federal Government is now providing a $7500 tax credit for all qualifed first-time homebuyers purchasing between April 8, 2008 and July 1, 2009.  

There are income limits which are as follows: $150,000 married, $75,000 single.  The tax credit is phased out if your income is higher than those limits. 

Now the tax credit will be paid back to the government at $500/year over 15 years, interest free, so technically it's really a temporary credit.  Nevertheless, it amounts to an interest free loan from the federal government, which is a positive and it helps make home buying that much more attractive in a difficult market. 

There are some fantastic bargains available out there, and now there's just a little more available to take advantage of those bargains.