Federal Government

Last year, the Federal Government enacted the Housing and Economic Recovery Act of 2008 to help stimulate the housing market by giving a tax credit to first-time home buyers. The basic idea of the act is to bring a new group of buyers into the housing market to add additional sales; first-time buyers don’t have an existing home to sale, but sellers will more-than-likely need to find a new home once their property has sold.

Read on for some need-to-know facts about this credit if you are thinking about buying in 2009.