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    Following is information from an article in US News and would report about the tax credit contained in the stimulus bill signed by the President.

   *The credit is equivalent to 10% of the purchase price of the home up to a cap of $8,000.

    *The $8,000 tax credit does not have to be repaid.

    *Available to first time homebuyers only. First time homebuyer is defined as not having owned a home as their principal residence in past three years.

    *Applies only to buyers who purchase a home between January 1, 2009 and December 1, 2009.

    *Tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for full credit, that's $150,000 for couples.

    *Qualified buyers can take advantage even if they do not have much tax liability.

    *Buyers will have to own the home for at least three years to capitalize on the credit. If they sell the home before then, they will have to RETURN the credit to the government. (Exceptions may be made in certain cases.)