Real Estate Tax Credit Update - For First Time Home Buyers

It looks like these will be the final terms:

• $8000 credit ($4000 for married filing separate)
• Effective for purchases on or after Jan 1, 2009 and before Dec 1, 2009. So no penalty if you close today
• 2009 purchasers can make an election to claim the credit on their 2008 tax return
• The credit is refundable -- refund computed in conjunction with filing 1040 tax return
• No repayment requirement for 2009 purchases unless property is sold within three years of claiming credit
• Purchasers who finance their 2009 purchases with revenues from a state/local bond authority will be eligible for credit