»  First time home buyers as well as home owners who have lived in their home consecutively for five (5) out of the previous eight (8) years and sign a purchase agreement between Nov. 30, 2009 and April 30, 2010, and close by July 1, 2010 may be eligible to receive a tax credit.

»  The credit is extended through June 30, 2011 for members of the military serving outside the United States for at least 90 days.

A purchaser must be at least 18 years old to receive the tax credit.

»  The Home Buyer Tax Credit may be applied to primary residences only up to a maximum of $800,000.

»  To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three (3) years prior to the purchase.

»  The maximum allowable credit for first-time home buyers is $8,000 and $6,500 for existing homeowners. The credit is equal to 10% of the purchase price of the home, up to $8,000 or $6,500, depending on status.

»  Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximum tax credit.

»  The buyer does not need to repay the tax credit, if he/she occupies the home for three (3) years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

For further information and eligibility you can check the IRS Guidelines or IRS Basic Information Questions and Answers