Obama's new stimulus plan will enable first time homebuyers buying a home between January 1st and December 1st to receive a tax credit of 10% of the home's value up to $8000 max. To qualify as a "first time homebuyer" you can not have owned a home in the previous 3 years. If the home purchased is sold within 3 years, the credit would have to be repaid; otherwise, it is a gift. Lastly, the credit is applied to taxes you owe. If your credit is larger than your tax bill, then your credit will come to you as a refund.
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