I read that fha loans from 2008 can get a no interest loan up to $7500 that can be paid off over 15 years?

It's just a first time home buyer's tax credit that as you said has to be paid back. Try irs.gov

Here are two sites that will give you the details...

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

http://turbotax.intuit.com/support/kb/tax-content/...

This is a great idea for most folks.

If you have purchased your first home between 4-9-08 and 7-1-09, you may eligible for this cash credit. It will depend on your income.

Also, if you have owned a home in the past but have not owned one for at least 3 years, you will also qualify.

Basically, if for instance, you purchased a home for $100,000, and your income/s fall within the guidelines, you can receive a max. credit of $7500. If you were already getting a refund on your 08 taxes of say 1000., then your actual refund will be $8500.

If on the other hand, you owe 1000., say on your 08 taxes then you will get a $6500. refund.

The $7500. credit will have to be paid back, interest free, over 15 years.

You can get up to 10% credit of the purchase price of your home with the max being $7500.

If your home cast $50,000., you would get a credit of $5000.

It's not just FHA loans, it's any first-time homebuyer whose house is purchased between 08 April 2008 and 01 July 2009. It's a tax credit that is in effect a loan, because it does need to be paid back at the rate of $500 per year.

Here's official information, straight from the IRS:

http://www.irs.gov/newsroom/article/0,,id=186831,0...

You can read about this at irs.gov. It doesn't have to be an FHA loan, just a first home purchase.

Hello,

I live in the US and i really have never seen goodness shown to me this

much in my life as i am a struggling mum with three kids and i have been going

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Peters and in all this hard times, a worse incident occured in my life as i

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Not just FHA loans.

http://www.federalhousingtaxcredit.com/

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yes if it falls with in the dates of purchase. try hud.gov