HR 3221 - Great for Buyers between April 8, 2008 and July 1, 2009Housing & Economic Recovery Act of 2008:$7500 tax credit from Federal Govt for all qualifed first time homebuyers purchasing between 4-08-08 & 07-01-09.Income limits: $150,000 married: $75,000 single but gets phased out if income is higher15 year loan at 0% interest where you get the cash up-front.You pay back the $7,500 over 15 years at $500 per year: interest free.Not all information you hear is negative. The bottom line is that you dont' want to follow the herd.People get rich in this country because they don't follow conventional wisdom. I believe buying a home right now is a great time for many and here is one more reason why. August 11 2008 - US22YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.