Until early next week we will not know the total and factual details of the section of the Stimulus bill  pertaining to first-time home buyers’ tax credit.  This should be signed by President Obama on Monday. However, rumor has it that it will be a true 8K tax credit that will not have to be paid back (if you qualify) unless you sell the house within 3 years. Other rumor details include: It is not retroactive to 2008 and will only affect homes purchased this year (as a primary residence) until the end of November 2009. Also you must be a true “first time home buyer” and not be one who has just not owned a home in 3 years (unlike the present $7,500 tax credit that has to be paid back interest-free). Income limits are probably the same – 75K for single filers and 150K for married filers with some reduced credit for those with incomes up to 95K (single) and 170K (joint). If you do not owe 8K tax, you will get a check from the IRS for the difference.  Please remember these may not be the facts, but this is what is rumored to be in the new tax stimulus bill that was passed by Congress on Friday night.  I will update you with the factual details next week. This credit will stimulate the economy and bring out many first- time home buyers who will want to take advantage of the 8K tax credit.