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One of the changes in the economic “stimulus” package is the creation of a true tax credit for “First Time” home buyers. The old “credit” effectively was a loan, since it had to be paid back over several years. The revised tax credit for “First Time” home buyers is a little misleading in that a buyer can qualify as a “first time” buyer if he has not owned a home in the last three years (that would include you or your spouse). The credit would be considerably more effective if it applied to all home buyers without all the restrictions, but this is definitely something you should consider taking advantage of if you can qualify. (more…)