Stimulus package will assist first time home buyers

MoneyFirst-time home buyers are eligible for an $8,000 tax credit. And unlike the $7,500 credit enacted last year, this one doesn’t have to be repaid, unless you sell your home within three years.

The credit is available to taxpayers who buy a primary residence between Jan. 1 and Dec. 1, 2009. The credit phases out for taxpayers whose adjusted gross income exceeds $75,000, or $150,000 for married couples.

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