A tax credit is now available for Qualified First Time Home Buyer's purchasing a principal residence on or afer January 1, 2009 and before December 1, 2009.  The big move is.....this one doesn't have to be repaid.

There is a definite time table for this generous gift.  The $8,000 tax credit only applies to homes purchased before December 1, 2009.  There could be an extention, but with the heat that Congress has caught over the money spent for stimulus.....I would bet my credit while I could.

Here is a snapshot of the Credit:

• The tax credit is for first time home buyer's only.  The IRS defines a first time home buyer as anyone who has not owned a principal residence in the 3 year period prior to their purchase.

• The tax credit does not have to be repaid.

• The tax credit is equal to 10% of the homes purchase price to a maximum of $8,000.

• Single tax payer's with incomes up to $75,000 and married couples with combined incomes of up to $150,000 qualify for the full tax credit.

Information courtesy www.federalhousingtaxcredit.com