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In an effort to stimulate the slowing economy and help revive the housing market congress has enacted legislation providing a tax credit up to $8,000 for first-time hofirst_time_home_buyerme buyers.

The home must be purchased on or before January 1, 2009 and December 1, 2009.

The governement defines “first-time home buyer” as a buyer who has not owned a principle residence during the three-year period prior to purchase.

The tax credit is equal to 10% of the purcahse price up to $8,000 and unlike the tax credit of 2008, the 2009 credit doesn’t have to be repaid.

Check out our Buyer Resources for more details on purchasing your first home.