The first time home buyer tax credit was increased from $7500 to $8,000 AND the repayment feature was dropped if the buyer holds on to the property for at least 3 years. This credit is only for first time buyers, defined as someone who hasn’t owned a home in the last 3 years. The income limits remain the same as the earlier plan.
Combine this plan with low interest rates and soft prices and it truly is a perfect time for first time home buyers to take action.