$7,500 Tax Credit.  This credit is allowed if you purchase a principal residence after April 8th, 2008 and December 31, 2008. This is really an interest free loan and must be repaid in 15 yrs. A payment of $500 per year is required. To qualify, the taxpayer (and his or her spouse if married) must not have had a preset ownership interest in a principal residence in the prior three years.  The credit is $7,500 ($3,750 if married filing separately or single). Contact your tax preparer for more information and gross income requirements.

$8,000 Credit. You can take this credit if you buy or bought a main home during the time period from January 1st., 2009-December 1st., 2009 and you did not own a home three years before its purchase. Because this is NOT a loan, it does not need to be repaid. You can take the credit on either the 2008 or 2009 return.  Again contact your CPA or Tax preparer for other restrictions.