January 2009 the IRS released it's guidelines for the federal tax credit. This is a short summary of the qualifying guidelines, how it's calculated, how it's paid back.
NOTE: I get this question a lot and do not address in the video: You can NOT use the $7,500 for down payment assistance. It is a credit that you will receive from the IRS with your tax refund in the year claimed.
Sunset on this program is July 1st, 2009 - You don't want to miss out on this if you're looking to buy a home in the next year!
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