First Time Homebuyer Tax Credit is now $8,000

While we are still sorting out the details of what the entire American Recovery and Reinvestment Act ( you can read more ),will mean to the housing market, we do know the First Time Homebuyer Tax Credit was revised. The maximum credit amount could be as much as $8,000 for the purchase of your principal residence ( or if you have not owned a home in the last 3 years). The biggest change is that there is no repayment of this credit if you own this home for longer than three years. Your REALTOR will have the details.
Don't forget that a tax credit is different than a tax deduction. This is a great opportunity.