First-time home buyers can claim a tax credit worth $8,000 or 10% of the home's value, whichever is less on their 2008 or 2009 taxes.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Do You Qualify?
