Hi Ida, if you meet all of the other criteria, the credit does not have to be paid back if you live in the home as your primary home for 36 months. Paul was completely accurate with that answer.

Here is a link to an educational video about all of the other qualifying guidelines for the tax credit

No I dont think you have too.

Good news! As opposed to the $7,500 that many first time homebuyers took advantage of before 2009, the newer $8000 tax credit does NOT have to be repaid. However, as the others said, if you sell within a certain time you have to pay it back. Hooray!

My understanding of the $8,000 tax credit, is that as long as you don't resell it in less than 3 years, you should not have to repay it.

Congratulations.

The $8000 credit will only have to be repaid if the property is transferred within the first 36 months.