The $8000 tax credit that was announced as part of the President’s American Recovery and Reinvestment Act is now in effect. It applies to any first time homebuyer or buyer who has not owned a home three years prior to their purchase and who purchases a single family residence that will be used as a primary residence between January 1, 2009 and December 1, 2009. This includes condos, townhomes, co-ops and single family homes. So whether you get a mortgage or pay cash, the tax credit will still apply as long as you meet the income and eligibility requirements.
