COLORADO SPRINGS - While most of economic America is struggling to keep its head above water, Congress is offering some incentive to jump-start the real estate crisis.

If you are a first time homebuyer you could take advantage of an additional $7,500 on your 2008 tax return. However, this is not a handout of free money.

Melissa Sinio is a first time homebuyer who has found the perfect house.

"We were already considering looking. Then we heard about the tax credit and put us into high gear and we started looking around."

Since April, the government started offering first time homebuyers an incentive to buy a home.

"We were already wanting to purchase a home so that was just a nice incentive to going ahead and jumping in and doing it," Sinio says.

Financial planner, Bryan Yaninek says this program is a chance for buyers to get their credit back on track.

"If you close on a house this year you will get a $7,500 refund on your taxes. You can spend that money how every you want, it's yours."

This program is part of the Housing and Economic Recovery Act of 2008. (H.R. 3221)

Of course, there is a catch.

"They are calling it a tax credit it is really essentially a $7,500 tax free interest free loan. Two years after you buy the home you have to start repaying at $500 per year when you file your income tax return for the next 15 years," says Yaninek.

If you sell before it is paid back you must pay the balance but if you lose money when you sell then it's waived.

"It truly is an interest free loan. It's amazing, 15 years plus the 2 you get as a break. I can't think of another loan that's been that amazing," adds Yaninek.

To qualify for the government incentive you need to act fast. The offer ends July 1^ST 2009.

To find out if you qualify, CLICK HERE for the full terms of the Housing and Economic Recovery Act of 2008.

CLICK HERE to contact Certified Mortgage Planner Bryan Yaninek at Castle and Cooke Mortgage, LLC.