The act, the Worker, Homeowner, and Business Assistance Act came into existence on November 6, 2009. This act has led to the expansion and extension of First-time Homebuyers Act which was passed previously. If you want to avail of the first-time home buyer credit, you must know what qualifications are required to apply for this credit and how to proceed to derive maximum advantage from the housing stimulus. One of the key questions frequently asked is – who is eligible for the first-time homebuyer credit?

Any person who wants to purchase a home for the first time is eligible for the first-time homebuyer credit. According to law, a person who has not bought any primary residence in the last three years can be considered a first-time home buyer. Those, who own a rental property or a house to spend vacations in and do not use that property as their primary residence, are also qualified as first-time buyers. As far as married couples are concerned, if one of them has purchased a house in the last three years, then the couple is disqualified for the tax credit. Any person in the Foreign Services, intelligence community, or military can be considered eligible for the tax credit.