As a part of the revival of the real estate market and to spur up sales, an Act by the Worker, Homeownership and Business Assistance 2009 extends the tax credit for the home buyers who for the first time are purchasing a residence. The tax credit limit is up to $8,000 and includes the first time home buyers who qualify certain specifications.
These specifications are:
• The buyers must be the first time home buyers.
• The home must have been purchased either on or after January 1, 2009 but before April 30, 2010.
• For married couples, both the partners must fulfill the condition of being the first time buyers.
• The qualification also includes homes bought before or on June 30, 2010 if the contract of sales had been signed before April 30, 2010.

Those that are under the age of 18 or are claimed to be dependents by the tax payers, are not eligible to avail the tax credit program. Subject to a maximum of $8,000, the amount of the tax credit available is 10% of the price of the home being purchased. Thus with the new tax credit, some of the new homeowners can also avail the financing facilities which lets them make the down payment and any additional costs by applying their credit towards it. To learn more about the Real Estate Bailout check out the link.