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Do you qualify?

The new bill contains a provision for a TAX CREDIT for first time buyers. The credit is for $7,500 as long as the home that was purchased is $75,000 or more.
Here is how it works and who is eligible:
1) Must be a First Time buyer which is defined as anyone that has not owned a home in the past 3 years.
2) An individual qualifies for the full credit if their income is $75,000 or less. They qualify for a partial credit as long as their income does not exceed $95,000. Details on the phase out between $75K and $95K will be provided ASAP. A couple can earn up to $150,000 for full credit and the phase out applies with income up to $170,000.
3) This is an actual credit not a deduction. This means a First time buyer that has paid in $7,500 or more in federal tax will get back an extra $7,500 when they file their 2008 tax return.
4) Program expires 7/1/09. So buyers must buy and close before 7/1/09. This is meant to motivate buyers to act now.
5) THE CATCH IS, The additional credit given by the government must be repaid over the next 15 years or $502.50 per year interest FREE.

Hope this clarifies things for everyone and happy house hunting.  It's a great time to buy so don't be fooled.