First of all, what the person said above is correct...it is an interest free loan, but what the other person said about waiting for the 15k tax credit is NOT CORRECT. There is a huge misconception about this 15k vs. 7500k tax credit. The 15k (which is the maximum, it's actuallu 10% of your home cost) tax credit is NON REFUNDABLE TAX CREDIT. Meaning, unless you and/or your spouse makes enough money to incur 15k in money you owe in taxes each year, the credit will help lower your tax liability to maybe 0. HOWEVER, if you don't owe enough in taxes, than you won't get a REFUND OR CHECK with the remaining money. The 7500 tax credit, is refundable, so in our case, we bought a home and didn't owe taxes so we recieved a check for the whole 7500. Which we have to pay it back, but its intrest free! You would need to purchase a home before this law passes, because it will sunset the current 7500.00 tax credit, meaning going forward it will be the only home tax credit you can choose from, whether it benefits your or not.
Hope this helps a bit!!