$7500 FREE!!!!!

What would you do if you saw this headline? You’d probably be thinking, if it sounds too good to be true it probably is, right? Well in this case it almost is too good to be true, but not quite. The housing legislation signed into law in late July by the President has another little benefit hidden in there. The bill includes a tax refund for first-time home buyers worth up to 10% of a home’s purchase price but no more than $7,500. The refund, however, serves more as an interest-free loan, since it would have to be paid back over 15 years in equal installments. Still not a bad deal considering you can do whatever you want with the money since it comes after filing your federal income taxes for tax year 2008. So buy a house, get up to $7500 tax free, invest it, use it for downpayment on another house or you could always do what most Americans would do……spend it on useless items that lose their appeal after a few weeks.