• An $8,000† Tax Credit is available for first time homebuyers.
• A first time homebuyer† is defined as someone who has not owned a principal residence during the three years prior to the purchase.
• This Tax Credit does not have to be repaid as did the previous Tax Credit if the property is held for a minimum of three years.
• The Tax Credit is available for homes closed on or after January 1, 2009 and on or before November 30, 2009.
• You can take advantage of the Tax Credit relative to your 2008 Tax Year:
• The Tax Credit can be applied against your 2008 Tax Return that is generally filed on or before April 15, 2009.
• If you have already filed your 2008 Tax Return, you can immediately amend your return once you purchase a home and you should receive a refund in 30 to 60 days.
• If your home closing is scheduled to occur after April 15, 2009, you can choose to file an extension to October 15, 2009 to file your 2008 Tax Return to take advantage of the Tax Credit and receive your refund.
• You should consult with a tax professional to determine how best to take advantage of the Tax Credit relative to your personal situation.
• FHA financing ONLY: if you received or are planning to receive a loan from a family member to use towards the down payment of your home the refund you may receive as a result of the Tax Credit can assist you in paying them back in a timelier manner.

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