Key Features of the $8,000 First-Time Buyer Tax Credit

Amount of Credit: Lesser of 10 percent of cost of home or $8,000.

Eligible Property: Any single-family home used as a principal residence.

Eligible Buyers: First-time buyers or those who have not owned a principal residence in the previous three years.

Effective Dates: Purchases made on or after Jan. 1, 2009, and before Dec. 1, 2009.

Repayment: No repayment unless home is sold within three years of purchase.

Click here to view the National Association of Realtors® (NAR) fact sheet explaining the key modifications made to the 2009 tax credit.