Time’s a ticking on the $8,000 first-time homebuyer tax credit. Don’t wait — this opportunity will pass you by if you don’t close on your new property before Dec. 1, 2009.

Part 1 of this series discussed the advantages of buying now rather than waiting. One of the best reasons for buying now is the $8,000 tax credit. Here are some of the requirements to take advantage of this great program.

1. Who qualifies as a first-time homebuyer?
For the purposes of the $8,000 credit, it is a buyer who has not owned a principal residence for a three-year period prior to purchase.

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