• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  
  
• The tax credit does not have to be repaid.
  
  
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
  
  
• The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
  
  
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
  
  
• Now the First Time Home Buyer Tax Credit can be used toward closing costs at closing.

Click here for more information

Click here to see a video about the 8k Tax Credit