@Coreyswife4ever wrote:
Can someone explain to me what the tax credit is? I've read a couple of posts about it but am clueless. This would be some useful information for me especially since I'm trying to purchase a house this year.
If you purchase by June 30th and are a first time home-buyer you can get a tax credit for 10% of the purchase price, up to $7,500. There are income limits. Also, it is really a loan with no interest that will be paid back over 15 years in equal payments ($500/yr for most) starting 2 years after you purchase. There are more details on the IRS' website here.