Now what are you waiting for???!!!

On July 30, 2008, President Bush signed a major housing bill into law.  As part of the housing bill, Congress has created a new, TEMPORARY tax CREDIT to provide an incentive for first-time homebuyers.  The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.

 That means first-time homebuyers could get a "refundable" credit of up to 10% of their first home purchase price, to a max of $7500, if they meet certain criteria.  First-time homebuyers include people that have not owned for the previous 3 years so if you've been sitting on the sidelines waiting for that golden opportunity, here is your chance! 

Yes, there is an income restriction of (75K/150K) with a phaseout up to (95K/170K).  And, this tax incentive must be paid back over 15 years. You can't get the credit prior to filing your 2008 taxes, there are other restrictions but...

The US govt is trying to help you purchase a home.  This is on top of having a mortgage interest deduction and all else that is available.  So, now what...  What else do you need to see that this will start encouraging people to purchase and maybe the housing market will get the "kick-in-the-pants" it needed!!