You can access the National Association of Realtors Issue Brief on my website http://www.bayjacksonrealtor.com/homebuyer-tax-credit.asp, which compares the guidelines for both the first-time homebuyer tax credit as well as the new tax credit for homeowners. I hope you will find this information useful. It is always wise to consult your accountant before making a final decision, make sure they have educated themselves with the recent changes to the law.

BREAKING NEWS on the tax credit issue - it's not just for first timers anymore.

Homebuyer,

Most tax credit question program questions can be answered by ccessing this convenient website.
http://www.federalhousingtaxcredit.com/2009/faq.php

Good luck

If you have not owned a home in the last 3 years and have income and credit scores that apply, then YES!
Margo Pisacano http://www.MargoSells.com
Cape Cod

What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.