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The $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home. Some people ask about what the plan is about. Here are a few highlights of the plan

Available only to first-time home buyers
The tax credit is not a loan and does not require repayment*
*If the home is sold within 3-years, the $8,000 tax credit must be re-paid

The tax credit reduces the home buyer's tax liability; if the buyer's liability is less than $8,000, the remaining credit will be issued as a check
Home purchase must be for a primary residence

The credit is available on home purchases between January 1, 2009 and December 1, 2009

If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
The credit is not eligible if the seller is a relative of the buyer.