Have a Real Estate Question for Catherine? E-Mail me at : CMCKSALES@AOL.COM Mortgages-HOUSING AND ECONOMIC RECOVERY ACT OF 2008 September 06, 2008 Guidelines for Recovery Act 2008 for First Time Home BuyersCatherine McKendryWeichert Realtors856-404-5222HOUSING AND ECONOMIC RECOVERY ACT OF 2008First-time Homebuyer Tax Credit FEATURE H.R. 3221 Housing and Economic Recovery Act of 2008 Amount of Credit Ten percent of cost of home, not to exceed $7500 Eligible Property Any single-family residence (including condos, co-ops) that will be used as a principal residence. Refundable Yes. Reduces income tax liability for the year (0 comments)