In an effort to boost the economy and jumpstart real estate sales, Congress recently enacted a bigger and better tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after Jan. 1, 2009 and before Dec. 1, 2009.
This tax credit is $500 higher than the home buying incentive that was included in the legislation passed last summer and it does not have to be repaid.
To learn more about the tax credit go the National Association of Home Builders Website located here.