The new first-time home buyer credit

Roberto

The new bill passed by the president yesterday increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It will not be applicable for non-first time homebuyers, but it also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it extends the credit's expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

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