According to the National Assocation of Realtor's website (www.realtor.org) the First Time Home Buyer Tax Credit will apply to purchases between January 1, 2009 and December 1, 2009.  A first time homebuyer is defined as the purchaser or the purchaser's spouse wh has not owned a principle residence in 3 years previous to purchase.  The credit does not have to be repaid and is equal to 10% of the home's purchase price up to a maximum of $8,000.  Homeowner must live in the home for three years or the credit is recaptured on the sale of the property.

Please consult your tax preparer for any detailed questions on this new information.   Give us a call to start your home search today before this opportunity runs out.