It is really unimaginable to buy a house in today’s dwindling economy, but there still are some munificent incentives to especially encourage those who are buying a house for the first time. A new tax credit was passed by the federal government for the first time buyers in the year 2008. In addition, various programs regarding down-payment have also been passed to benefit the first-time home buyers. (These incentives make the purchase not only easy, but attractive as well).

In 2008, a tax credit of $ 7500 was given to first time home buyers by the Foreclosure Prevention Act and the American Housing Rescue. Thus housing economy was given a new thrust by this new act.

Actually, this tax credit is just like an interest-free loan. Moreover, this loan gives you 15 years of time to pay back the loan which is quite an ample amount of time. You may question that if it is a loan then is it worth buying a house with this credit. Actually, you can still buy a home under this scheme since this loan is completely interest free. In fact, it gives you an opportunity to repay your credit card debt or outstanding loans. For more information about the real estate stimulus check out the link.