First Time Buyer Tax Credit

There has been a lot of talk in the press about the first time home buyer tax credit but not a lot of detailed information. I was unable to find detailed information at the IRS site at this time but the National Association of Home Builders has put a lot of information together at their site FederalHousingCreditTaxCredit.com. The credit is available for people who buy a home between 4/9/08 and 7/1/09. The home can be a resale or a new build. The tax credit acts as an interest free loan and must be repaid over 15 years. As always, we recommend that you talk with your accountant to get specific information about how the credit will benefit you.