The first-time homebuyer credit is a $8000 tax credit for first-time homebuyers. The definition of a first-time homebuyer is someone who has not owned another principal residence at any time during the three years prior to the date of purchase. For homes purchased in 2009, the credit does not have to be repaid unless the home ceases to be your principal residence within the 36-month period beginning on the purchase date.

To find out more about this credit please go to the IRS website.