Details of the credit should appear early next week.  There have been some reports printed and this gives an overview of what has been outlined.

FIRST TIME HOME BUYER CREDIT:  First time home buyers are eligible for a refundable tax credit equal to 10% of the purchase price of their home up to $8,000.  Buyers must make their purchase between January 1, 2009 and December 1, 2009.

Unlike a similar credit Congress provided last year, you do not have to pay this one back over 15 years.  The new credit, however does phase out for individuals with income of $75,000 or married couples with incomes over $150,000 who file their tax returns jointly.  Also you forfeit the credit if you sell the house within three [3] years.

Buyers who took advantage of the $7500 tax credit last year will have to abide by the old rules - meaning they will have to repay the money.

Information provided by Jeffrey Rice, Regional Sales Manager WFS