Tax credit provides $8,000 incentive to first-time buyers

Enhanced tax credit provides $8,000 incentive to first-time buyers

One of the biggest wins for first-time home buyers in last week's economic stimulus bill is a tax credit up to $8,000 for qualified purchases of a primary residence. It is a true tax credit rather than an interest-free loan.

This has changed from last year’s original $7,500 home buyer tax credit, that had to be repaid (interest-free).

So if you are thinking of purchasing a home this year (all you first time home buyers).........this is the year to do it.