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 The National Association of Home Builders (NAHB) Web site www.federalhousingtaxcredit.com provides detailed information about the $8,000 tax credit for first-time home buyers who purchase homes between Jan. 1 and Nov. 30, 200.
In addition to being limited to first-time home buyers, the tax credit:
- Is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- Does not have to be repaid.
- Has income limits of $75,000 for single taxpayers and $150,000 for married couples.
- Allows tax credit home buyers to participate in the mortgage revenue bond program; and
- Permits state housing finance agencies to help buyers at closing by advancing the credit amount as a loan using tax-exempt bond proceeds.
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Government Affairs 
