The online REALTOR.org interactive magazine reported the following information in follow-up to the recently passed law that was part of the Housing and Economic Recovery Act (H.R. 3221),

The First-time Home Buyer Tax Credit is new, temporary tax credit to provide an incentive for first-time homebuyers. Passed this summer as part of the Housing and Economic Recovery Act (H.R. 3221) it targets any individual or household that hasn’t owned a home for at least three years. As taxpayers, you can take the credit on your 2008 tax return if you bought a home this year after April 9, or on your 2009 tax return if you purchase a home before July 1, 2009. Generally, the credit is up to $7,500 and can be taken by individuals whose income does not exceed $75,000, or by households making up to $150,000. Buyers can get 10 percent of the home price credited against their tax liability, up to a maximum $7,500. This tax credit is being likened to a 15-year interest-free loan, as the federal government requires that the tax credit be paid back in small, 6.67-percent increments over 15 years.

Any house is eligible as long as it is a primary residence and located in the United States.

Here are two great resources for First-Time Homebuyers:

1. First-time Homebuyer Tax Credit http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf

2. First-time Homebuyer Frequently-Asked Questions
http://www.realtor.org/gapublic.nsf/files/hbtaxcreditqa2008.pdf/$FILE/hbtaxcreditqa2008.pdf