Probably forgotten in all the media saturation of real estate issues recently is the $7,500 tax credit Congress passed and President Bush signed (the Housing and Economic Recovery Act of 2008) for first time home buyers (haven’t owned a home in previous 3 years). As a reminder, he are the salient facts:

• Any single family residence, including condos, that will be your primary residence.
• Income limit – if you’re single, you’re eligible if your income is no more than $75,000. Joint returns may be no more than $150,000.  If you’re over those limits, you may be eligible for a partial tax credit. See your tax advisor.
• Recapture – this credit isn’t a gift, consider it a loan. You must pay it back over a period of 15 years (about $500 a year). If you sell before 15 years, then the remainder is due in the year of the sale.
• Like all things financial, check with your tax advisor!

But with the HUGE drop in interest rates this week, plus this tax credit (if you’re a first time buyer), things are looking great to make your move!