Source: Michelle Singletary, Washington Post ( Free Registration )

Lots of folks have been asking me whether the much-touted first-time homebuyer tax credit is worth taking.

“I’d like to see you write a follow-up on who should take advantage of this credit,” wrote Liz Kiser, who lives in Oklahoma. “Being that it’s a loan, it obviously isn’t going to be economical for everyone.”

Kiser qualifies for the tax credit, which was established recently as part of the Housing and Economic Recovery Act of 2008. The law authorizes the credit up to $7,500 for qualified first-time buyers purchasing homes on or after April 9, 2008, and before July 1, 2009. The catch is that you have to pay the money back to the Internal Revenue Service over 15 years.

Read Full Article: Think of tax credit as 15-year loan