The first time home buyers tax credit ($7500)?

Could somebody please provide me with some info in regards to how the first time home buyers tax credit works? The way I understand it, once I purchase a home (I am first time homebuyer) I would be qualified to receive additional $7500 (loan that has to be repaid in 15 years) on top of my my tax return? Lets... show more Could somebody please provide me with some info in regards to how the first time home buyers tax credit works?

The way I understand it, once I purchase a home (I am first time homebuyer) I would be qualified to receive additional $7500 (loan that has to be repaid in 15 years) on top of my my tax return?

Lets say I buy a home before December 31st 2008, would that mean that on my taxreturn that I would file around February 2009, I would receive my regular tax return + $7500?

If so, what happens if I purchased a home around late January 2009?
Could I still have that $7500 when filing for my 2008 return in Feburary of 2009?

Please let me know.
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