from Tyler Osby:
What The New Stimulus Package Means to Housing

For First Time Homebuyers
The first provision is fairly well-known. It gives first-time home buyers an $8,000 tax credit provided they purchase a home between January 1, 2009 and August 31, 2009.
This is a true tax credit.
The $8,000 credit requires home buyers to hold property for at least 3 years. If the home is sold in fewer than 3 years, the tax credit must be repaid to the government. Bummer.
It’s also worth noting that the date range applies closings and not sales agreements.
Closings must occur within these 8 months to be eligible.

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