Photo by ickyfingerz
Okay, the Federal Tax Credit applies to all first time buyers... not just Chicagoans. But, I need the key words in my title.
The Chicago Association of Realtors has put together a hand-out you can view by clicking this link.
You need to know that the credit is not permanent. The $7,500.00 deduction, if taken, is paid back interest free on your tax returns over a 15 year period. However, if you put together the current lower purchase prices, current low interest rates and the tax credit; you're looking at a nice incentive package to purchase a home.