What is the First Time Home Buyers Tax Credit?
It's a credit of up to $8000 available to qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009.
What is the definition of a first time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home ownership history of both the home buyer and his/her spouse.
For more information check out the following links:
The Mortgage Reports Blog
Federal Housing Tax Credit
About.com Info
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