Is This The Best-Kept Secret or What??

First-time homebuyers can get an income-tax credit of 10% of the purchase price, up to $7500, if they purchase a principal residence through July 1, 2009. And get this, if you have not owned a home during the past three years ... you are considered a first-time homebuyer!!But, thanks to the IRS, there are some additional rules and income limits. Singles with an adjusted gross income up to $75,000 and couples with $150,000 qualify for full credit. Singles with income up to $95,000 and couples $170,000 will get a smaller credit. If the amount of tax a homebuyer owes is less than the amount of the credit, they get to keep the difference as a refund.The homebuyer begins repaying the credit in two years in increments of about $500 a year over 15 years and if they sell the home before the credit is repaid, the balance is paid off with any profits. If the home is sold at a loss, they own nothing further than what they have already paid back.Let me know if you want more information on how this program works!