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Here is some exciting news for first-time home buyers. The American Recovery and Reinvestment Act of 2009 provides a tax credit of up to $8,000 for first-time buyers. A first-time buyer is anyone that has not owned a home in the past 3 years. The credit is $8,000 or 10% of the home’s value, whichever is less. The credit can be claimed on 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill – the amount of withholding they paid during the year plus anything extra they had to pay when they filed their returns – was less than that amount.