The Home Buyer Tax credit is available to first time home buyers and is the lesser of 10% of the purchase price or $8,000, which must be paid back if the home owner moves with in 3 years.
A first time home buyer has been defined as a person who has never owned a home or has not owned a home in the last three years.
The tax credit also has an income cap of $75,000 for a single person or $150,00 for a married couple.
The tax credit is retroactive starting 1/1/2009 and ends 11/30/2009 and can be applied for on the home owners tax return
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