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The Housing Assistance Act of 2008 offers assistance to first-time homebuyers. First-time homebuyers may claim a refundable credit equal to 10% of the purchase price of the home, up to $7,500 ($3,750 for Married Filing Separately).
The credit is offered to first-time homebuyers and those who have not owned a home in the three years prior to the home purchase.
Unlike other credits, this first-time homebuyer credit must be repaid over 15 years. This credit is essentially an interest-free loan for qualifying homeowners. This credit begins to phase out for taxpayers with AGI in excess of $75,000 ($150,000 in the case of a joint return).
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