New tax credit could benefit new homebuyers.

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First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted housing and economic recovery act of 2008.
However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period.
So, if an eligible taxpayer take the maximum available credit of $7,500 on his or her 2008 federal income tax return, the taxpayer must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax starting on his or her 2010 return.
The credit applies to home purchases after April 8, 2008, and before July 1, 2009.