Not all of the details of the Housing Stimulus package are fully disclosed at this point and you should consult a tax professional about your situation. The name first-time homebuyer is misleading, as anyone who hasn't owned a primary residence in the last 3 years may be eligible. There are income limits in either case of $75,000 for single filers and $150,000 for joint filers. There are also partial credits for those who earn up to $20,000 more about each of this filing statuses; I haven't seen or heard details on how the partial credits will be calculated. The credit is retroactive to purchases made April 9, 2008 and through July 1, 2009. In addition to the payback provisions others wrote, note that the loan will be forgiven if the profit of a sale doesn't cover the balance in full.