The credit goes to first-time buyers and that's anyone who hasn't owned a home during the previous three years and whose income isn't so high that Congress doesn't think they need the help.
The credit disappears as income rises from $75,000 to $95,000 on single returns and from $150,000 to $170,000 on joint returns.
** Now folks who buy their first home in 2009 between January 1 and November 30, get an $8,000 credit that's really a credit. It >never< has to be paid back.
DO check with your CPA.
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