the tax credit applies only to the first time home buyers ( people who buy for the first time or did not own a home for 3 years) if they buy a property which is going to be their pirncipal residence. If you stay in the home for at least 3 years, you don't have to repay it.
Dana is correct, the tax credit is for any single family residence (including condos, co-ops, and townhouses) that will be used as a principal residence. I do have a PDF file with the Modified American Recovery and Reinvestment Act that gives all the details and changes from last years credit package vs. the new one. Please feel free to contact me if you would like that sent out.
Joshua Lioce, Broker/Owner
Realty Executives Lioce Properties
Team Leader - The Lioce Team