There is a lot of confusion about a new federal housing tax credit that was part of the new stimulus package passed by Congress and signed into law by President Obama this week.
According toFederalHousingTaxCredit.com Congress enacted a bigger and better home buyer tax credit. A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. For more details on frequently asked questions you can go to http://www.federalhousingtaxcredit.com/2009/faq.php#1.