“First Time Home Buyer” is defined as a buyer who has not owned a principal residence during a 36 month (3 yr period) prior to purchasing a principal residence
The tax credit is 10% of the purchase price of the home up to $8,000 (Ex: $56,000 Purchase = $5,600 Or $150,000 Purchace = $8,000 Tax Credit)
To qualify buyer must close no later than November 30, 2009
The tax credit does not need to repaid if buyer uses residence as a principal residence for at least 3 years

As always, check with your accountant.

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