Lora -
Any single family home that will be used as a principle residence is eligibl. Vacation homes are not eligible.
Please keep in mind that you will claim the credit when you file your income taxes. The credit reduces your tax bill or it increases your refund. The credit is claimed using IRS Form 5405.
I point this out as some people believe they use the credit to reduce the purchase price or as part of the downpayment.
A tax professional can give you more of the details - this is just a quick summary that I hope answers your question.
Debbie DiFonzo, e-PRO, GRI, SRS
Broker/Owner
United Country VIP Realty - Fri Dec 11 2009, 11:54