Hi LaDonna,

Welcome to Trulia. Here is a link that may help also.

http://www.federalhousingtaxcredit.com/glance.php

Well, Im glad you asked! This credit applies to first-time homebuyers with purchases after April 8, 2008 and Before July 1, 2009. The credit acts like a loan, meaning it must be paid back 1/15th each year for the next 15 years after the year of credit. The credit is 10% of the purchase price with a maximum of $7500.00. The credit is phased out based on your modified adjusted gross income., example MFJ phase out is $150,000.00 to $170,000.00. For other taxpayers the range is $75,000.00 to $95,000.00. Ask your tax advisor for more information.