A first-time buyer is someone who has not owned a home in the past three years.
The credit does not have to be repaid, as long as the first-time buyer retains ownership for 36 months.
First-time buyers do not have to wait to file their 2009 Tax return to claim the credit, they can claim the credit on their 2008 tax return.
The $8,000 credit is refundable. This means that even if the buyer(s) do not owe any taxes, they will get the credit as a refund. Buyers who owe taxes will receive the difference between what they have to pay and the amount of the credit, up to $8,000.
Buyers who have already filed their 2008 tax return can file an amended return at anytime during 2009 and get the benefit of the credit, sooner rather than later.
The credit is available to individuals with annual adjusted gross income (AGI) of less than $75,000 and is available to married couples with adjusted gross incomes under $150,000.
For individuals with incomes over $75,000 AGI, the credit is available but it decreases incrementally to zero at $95,000 AGI. For married couples with incomes over $150,00 the credit is available, but it decreases incrementally to zero at $170,000 AGI.

For a detailed FAQ sheet on the First-Time Buyer Tax Credit go to:
http://www.realtor.org/wps

For the IRS form 5405 and instructions for claiming the First-Time Buyer Tax Credit go to:
http://www.irs.gov/pub/irs-pdf/f5405.pdf

For the form and instructions on filing an amended tax return go to:
Form: http://www.irs.gov/pub/irs-pdf/f1040x.pdf
Instructions: http://www.irs.gov/pub/irs-pdf/i1040x.pdf

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