23 Feb
First Time $7,500 Home Buyer Credit as it applies to homes purchased in 2008
In short, none of the changes from the 2009 Economic Stimulus Package apply to homes purchased in 2008. Section (f) of the bill states:
(f) EFFECTIVE DATE.-The amendments made by this section shall apply to residences purchased after December 31, 2008.
Basically, for homes purchased in 2008, the credit is still $7,500 and you still have to pay it back over 15 years. The IRS has updated their Form 5405 (PDF) to reflect the changes from the stimulus package that applies to homes purchased in 2009.
