Thanks to Uncle Sam and the new HR3221 signed into law last week first time home buyers may be eligible for a $7500 tax credit. They must have purchased their first home betweeen April 9, 2008 and June 30, 2009. Tax credits are a lot more beneficial than tax deductions. This credit will act as a dollar for dollar deduction on an individual’s tax obligation. So if a buyer has a $1,000 tax refund coming but purchased their first home in November of 2008, they will now get an $8,500 refund!. That is huge!! This credit must then be paid-back to Uncle Sam by a $500 additional tax liability each year for the next 15 years. In essence this works as an interest free loan! If you yourself are looking to purchase your first home or know of anyone who is looking to purchase forward this post to them as it is valuable information. To start your free no obligation home search visit www.coloradosuccessteam.com and click on the Home Buyers Scouting Link!