The 2009 $790 billion stimulus package still has advantages for first-time home buyers. The First-Time Buyer tax credit was increased from $7,500 to $8,000, and requires no repayment for buyers who hold on to their property for at least three years.

The credit remains open only to first-time buyers (those who haven't owned in at least three years) and some income eligibility restrictions apply.

The prior stimulus package passed in 2008 required that first-time buyers repay the tax credit over a number of years. The new plan is definitely more of an incentive for First-Time Buyers.

Source: Source: NAR, AP, Washington Post, New York Times, Bloomberg, Realtor Magazine, and Wall Street Journal.