The new $7500 tax credit, the good, bad and ugly.
The new tax credit on the surface seems good. But, the devil is in the details. Make sure you understand it.<br /><br />You have to come out of pocket for your down payment still. Good news is that there are still 3% down programs depending on your income and the place you buy a home.<br /><br />You then get a credit against your income taxes due, not a deduction, so that is good news! You can then (for this year) change your exemptions to take home more money because you will not own the government next April as much.<br /><br />Be careful of the income limitations and the phase outs too!<br /><br />For more info, go to: <a href=”http://www.federalhousingtaxcredit.com/faq.php”>www.federalhousingtaxcredit.com</a>