First-Time Home-Buyer Tax Credit – a tax credit equal to 10% of the cost of a home up to a maximum of $8,000 is available for qualifying first-time home-buyer purchases from January 1, 2009 to July 1, 2010. The buyer must have a purchase contract in place before May 1, 2010. The credit is refundable, meaning that even if a buyer doesn't owe $8,000 of tax, they can claim the full benefit and receive a refund check.
