First Time Home Buyer & Repeat Buyer Tax Credit QUESTIONS & ANSWERS Explained All new first time home buyer and repeat buyer Tax Credit are effective immediately. It does not have to occur on December 1 2009 in order to qualify. All closings occurred on November 6 2009 qualifies for the new & improved first time home buyer and repeat buyer tax credit. First Time Home Buyers The $8,000 first time home buyer tax credit applies to (3 comments)