Here's a Chart (PDF file) from the National Association of Realtors:
NAR Compares 2008 & 2009 First-Time Buyer Credits.

There is now a tax credit of 10% of the purchase price of a home, up to $8000, for first time home buyers.

"First time buyers" are defined as someone who has not owned a home in the last 3 years.

It is a tax credit, so if your tax due is less than your credit, you will receive the difference as a refund. Or if you are already expecting a refund, this will add up to $8000 to your refund.

Unlike last year's credit, this does not have to be repaid under most conditions.

The home purchase must take place this year, and while the credit could be taken on your 2009 tax return, it is possible to take it on your 2008 return and receive the money much sooner.
Even if you have already filed your 2008 taxes, it is possible to use this credit this year by filing an amended return.

It has been determined that you can get this credit even if you buy "on contract", or seller financing. There are some stipulations about income limits, and what happens if you sell the home within 3 years. Call for details.

Click here for the IRS form (PDF file) you'll use to file for the money.
The instructions for the form are right on the form, and they show the details of the program.

Why should Marvin be your Realtor?

Marvin Runge
RE/MAX Ultimate
Mobile 317-966-7578