See:

• Federal Housing Tax Credit for First-Time Home Buyers

• Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years

• First-Time Home Buyer Tax Credit: 6 Things to Know
  

• 2009 First-Time Home Buyer Tax Credit Fact Sheet

• First-Time Homebuyer Credit Information Center

What I would like to talk about instead is; should  you, or I,  buy a house now, if you don’t already have one. Or how about, purchasing a second home as an investment property.  One of the main points covered by the article by usnews.com above is that the up to $7500 does NOT have to be repaid if you stay in the house at least three years. If you’re fairly confident that you’ll be staying put for 3 years, this should not concern you, but in today’s economic climate, do you really know where you’ll be in 6 months, let alone 3 years.

If you’re buying your house with the hopes of real estate values returning to their former glory, remember there are no guarantees. When the Dow fell to its lows during the Great Depression, it took 20 years for it to make new highs.

It took 20 Years for the Dow to Make New Highs

Of course, you will still be making money if you bought at the lows. Oh, but is it the lows. That is one question that everyone would love to know.