A tax credit of up to $8,000 is now available for qualified first-time home buyers must have a home under contract by April 30, 2010 and close by June 30, 2010. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

The tax credit is for first-time home buyers only (to determine if you qualify click here).
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000 and it does not have to be repaid as long as the home is your primamry residence and remains so for a minimum of three years. The credit is available for homes under contract by April 30, 2010 and closed by June 30, 2010. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

For more information or to ask specific questions, click here.