I've been getting alot of questions about the new tax credit, so I am going try and answer some of those questions with this article.

In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale.  This credit needs to be repaid.

For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.

For the complete article, click here.

Let me know if you have any questions.