For would-be home owners who are finding it’s not as easy as it once was to buy a house , newly enacted legislation might just help. There is is now a ‘tax credit’ of as much as $7.5k for first-time buyers – but don’t wait too long because only homes purchased on or after April 9^th 2008 and before July 1, 2009 will be eligible.

Under the new housing bill, home buyers (defined as those who have not owned a home in the last three years) will be eligible for a tax credit equal to 10 percent of the property up to a maximum of $7,500.

Here’s how it works:

• The credit is $3,750 for married couples filing separately. Unmarried people who jointly purchase a home will be able to divide the $7,500 credit.

• This program is actually a loan, which home buyers must repay over 15 years at zero percent interest beginning in the second year after they purchase the home. A home buyer who qualified for the whole credit would pay $500 for 15 years or about $41.67 per month.

• The credit applies only to homes purchased on or after April 9, 2008, and before July 1, 2009.

• High-income home buyers don’t qualify: Eligibility begins phasing out for single filers with adjusted income of more than $75,000 and $150,000 for joint filers. It completely phases out at $95,000 for singles and $170,000 for married couples filing jointly.

See federalhousingtaxcredit.com for more info.

For a detailed analysis of the 2008 Housing Bill see this excellent independent report.