The name is a little misleading. If you haven’t owned a home in the last three years, you may qualify for a tax credit up to $8000. (10% of the home’s purchase price up to a maximum of $8,000.) It's a temporary credit available on a principal residence purchased on or after January 1, 2009 and before December 1, 2009. Unlike last year's tax credit, this tax credit does not have to be repaid if you don’t sell your home for at least three years. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full credit.
This is a pretty sweet deal. The tax credit combined with low interest rates and a great supply of available homes, both new and preowned make this the perfect time to buy.
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