The Internal Revenue Service (IRS) recently published Bulletin IR-2008-106 entitled "Tax Credit to Aid First-Time Homebuyers" on September 16, 2008.  This bulletin outlines the eligibility for the new tax credit which was included in the recently enacted Housing and Economic Recovery Act of 2008. 

First-time home buyers are noteligible if their home financing comes from tax-exempt mortgage revenue bonds such as the NJHMFA First Time Home Buyer program.  Anyone who is using the NJHMFA First Time Home Buyer Program should be aware of this and I also recommend that you should consult a tax advisor for all income tax matters.  

First-time home buyers in the Police and Fireman's Retirement System program may be eligible for the tax credit due to their financing not coming from tax-exempt mortgage revenue bonds.  But again, you must consult your tax professional to get the details.

The IRS has made the tax credit available to home purchases after April 8, 2008 and before July 1, 2009.  

You may view this notice at http://www.irs.gov/newsroom/article/0,,id=186831,00.html.