A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

Video Interview: Tax Economist Answers Questions About the Home Buyer Credit
Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders, discusses the $8,000 first-time home buyer tax credit in this videotaped interview.