And the fine print says? It’s time to repay the piper. The 2008 first-time home buyer tax credit was a loan, not a gift.

If you bought your first home after April 8, 2008, and before Jan. 1, 2009, and met requirements for adjusted gross income, you were eligible for a tax credit of up to $7,500 from the first-time home buyer tax credit program. But unlike buyers who used similar programs in 2009 and 2010, you have to repay the credit starting with your 2010 tax filing.

Even more, the IRS says you can’t trade in your loan for the later gift program; all you can do is pony up.

What are the first-time home buyer tax credit repayment terms?

You owe the government 1/15th of the credit each year over the next 15 years. If you took the $7,500 maximum, that’s…

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