First-time homebuyers credit, courtesy of the IRS
To be eligible, you must meet the following requirements:
- Be buying your first home (rental properties and vacation homes purchased in the past don't count against you, but if your spouse owned a home before, that does count against you)
- Purchase the home between April 9, 2008 and July 1, 2009
- Not have income greater than $75,000 (single) or $150,000 (married)
You don't get to keep the money forever, though. You'll have to pay back $500 each year on your tax return, for 15 years. But there's no interest on the $7,500 you received up front, so it's still a good deal. The bottom line is that the government wants to offer up some money for those buying their first homes, and let them pay it back over time.
To find more on new tax laws, click here.