First Time Home Buyer Tax Credit

Ok, so here's the deal when it comes to the first-time home buyer tax credit:

If you buy your first house this year, the goverment will send you a check worth 10% of the purchase price of the house, up to a maximum of $8,000. That's free money! No obligation to pay back.

Now the details. You have to be a first-time buyer--someone who has not sold a home in the last three years. If you've owned homes before, but have rented for the last three years, you'll qualify.

And you have to keep the house you buy for at least three years. If you sell it before three years is up, you'll have to pay back to the government some money. If you sell after 1-1/2 years, you'd owe half, for example.

The house has to be your primary residence. If you start renting it out within the three year period, you'll owe some money back.

There isn't a whole lot of fine print--it's really a great deal. If you think you might buy a house in the next few years, for goodness sake do it this year. You have to settle on the house before Dec 2nd, 2009 to be eligible. And you get your money quickly--just fill out an amended tax return, with a copy of your settlement statement and you'll get a BIG check in the mail in a matter of weeks.

This is a once-in-a-lifetime opportunity. Go get yourself a house!