Because of the many different tax credits, times covered by the offering, and what tax credits needed to be repaid and which ones didn't, here is a quick review:
Summary of the First-Time Homebuyer Credit by Year
For 2008: up to $7,500, the credit is paid back over 15 years. For Jan - Nov 2009: up to $8,000, the credit does not need to be paid back.For Dec 2009 - April 2010: up to $8,000 for first-time buyers, the credit does not need to be paid back.
For Nov 7, 2009 - April 2010: up to $6,500 for "long-term residents" buying a new home, the credit does not need to be paid back.
Until April 30, 2011: homebuyer credit continues to be available for qualified members of the U.S. uniformed services.
