First Time Home Buyer Tax Credit.

The 2008 tax credit provisions are outlined below:

• Amount of the tax credit: (free money) 10% of the purchase price or $8000.00 whichever is less.
• Who's Eligible? First Time Homebuyers purchasing a principle residence.
• Income Limits: $75,000.00 for an individual; $150,000.00 for a couple
• Expiration Date: Eligible buyers must purchase the home between January 1st 2009 and November 30th, 2009.  Transactions closed on or after December 1st will not qualify
• Repayment: The credit does NOT have to be repiad if the property is not sold or rented in the first three years.

Below is the link to the actual tax credit provision:

http://www.federalhousingtaxcredit.com/2009/faq.php

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