SHOW ME THE MONEY!!!!!!!!

This famous phrase from the move Jerry McGuire starring Tom Cruise and Cuba Gooding has become a common phrase in board rooms, business negotiations and now real estate. Little did we know this phrase would be even more relevant today than a few months ago.

Within the last year most Americans have watched their housing prices tumble; their 401K programs dwindle and their stock portfolio's shrink. Who would have known by the end of 2008 the market would turn upside down. Where are we to go from here?

There is one positive note towards first time home buyers. As Cuba Gooding Jr. tells Tom Cruise to "Show me the money", first time home buyers can tell the government to " GIVE Me My $7,500 CREDIT". This program is not well known and not well promoted in the media and is slipping by many Americans.

First time home owners (or anyone who has not owned a home for three years) who purchase a house after April 9, 2008 and before July 1, 2009 are eligible for this program. This is a great opportunity for these buyers to take advantage of this unique one time credit from the government. Who couldn't use an extra $7,500 credit after making an investment in a home?

The credit is calculated based upon the purchase price of the home. Buyer(s) are entitled to up to 10% of the purchase price with a maximum of $7,500, married filing jointly. Those unmarried can claim up to $3,750 on their tax return.

This opportunity is not only for existing homes, but new construction applies too. As long as the home owner has closed on the property on or before July 1, 2009. The tax credit does require repayment over a 20 year period. New home owners can delay up to two years after owning the home before paying on the loan. The amount is added to your yearly tax. How often does the government offer us a interest free loan?