$8,000 Tax Credit Explained

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First time home buyers can take advantage of a $8,000 tax credit. This tax credit, signed into law in the early part of 2008, is different that the $7,500 tax credit that was part of the 2008 Neighborhood Stabilization & Preservation Act. The $7,500 tax credit was, in affect a non-interest loan to the tax payer and had to be repaid within 15 years. The $8,000 tax credit is a true tax credit to the buyer and does not need to be repaid, although the buyer must retain ownership of his/her home for a minimum of 3 years. And... even if you have a vacation home and do not own a principal residence, you may well qualify for the tax credit in the purchase of your first principal residence. Watch the video for more info.