Hello Lisa, I am a Licensed Agent here in Kenosha WI., Hopefully this will give you the answers you need.
Please feel free to give me a call or send me a email, if you need further assistance. I specialize in working with first time home buyers, taking the time to walk them thru the process one step at a time.
â€¢The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
â€¢The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyerâ€™s principal residence within three years after the initial purchase.
â€¢The tax credit is equal to 10 percent of the homeâ€™s purchase price up to a maximum of $8,000.