Finally, someone has deciphered the 1st time home buyer tax credit! I’ve been wanting to share this information for some time, but it seemed to be a moving target. We’ve heard that the $8,000 was a credit, or a deduction on your taxes to a loan to be paid off over 15 years. According to the article, “it looks like it’s a credit, which is typically more valuable than a deduction, since it eliminates your taxes on a dollar-for-dollar basis — and in this case, you may get it even if you don’t owe any taxes.”

So, if you’re looking to jump into the Chicago real estate market, now is an excellent time to do so…rates are still low, prices are great and if you meet the income criteria you can take advantage of the $8,000 credit.