The stimulus bill that was passed on Friday February 13th and to be signed by the president on Monday included a first time buyer tax credit.

The credit is for $8000 and is refundable, meaning if you owe less than $8000 in taxes,or had taxes withheld to pay your liability, the money is refunded to you. The other things the stimulus bill changed about the first time home buyer tax credit is that it does not require you pay it back over the fifteen years and extended the date to buy a home to December 31st 2009. So as a first time home buyer the changes are very beneficial.