Approved Stimulus Package Tax Credit for 1st Time Home Buyers

The new stimulus package has been passed and the proposed tax credit incentives were reduced down to $8,000. The link below gives the complete details for qualification of the tax credit.

http://www.federalhousingtaxcredit.com/2009/


Here is the information in a chart form:

http://email.c21.com/imgs/obboi/FirstTimeHomebuyer_Consumer_Guide.html

Want IRS details? See below:

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

Here is the link to see the new IRS form that will be used for claiming the tax credit

http://www.irs.gov/pub/irs-pdf/f5405.pdf

It appears to be quite straight forward- not too much extra paper work..can you believe that?

Do you think the tax credit will make a difference, both for potential home buyers, as well as for the US economy? If you were/are buying your first home, would this incentive be enough to nudge you into home ownership?