$8,000 tax credit for first-time homebuyers. There has never been a better time.

$8,000 tax credit for first-time homebuyers. Note that this credit does not need to be paid back, unlike the original $ 7500 origina credit. To qualify, the purchase has to be made between January 1st, 2009 and before November 30th, 2009 and you have to stay in your home for three years.. Note that this credit does not need to be paid back, unlike the original $ 7500 original credit To qualify, the purchase has to be made between January 1st, 2009 and before November 30th, 2009 and you have to stay in your home for three years.

Temporary credit increase for home buyers: A $500 increase, to $8,000, in the existing temporary and refundable first-time home buyer credit. The new provision removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. It also extends the credit's expiration date to Dec. 1, 2009. To be eligible, homeowners must buy their homes after Jan. 1, 2009, and before Dec. 1, 2009. Individuals making no more than $75,000 ($150,000 for joint filers) can receive the full credit.