Understanding the Details of the $8000 First-Time Buyer Tax Credit

I have four current clients who are going to be receiving the entire $8,000 tax credit offered to first-time homebuyers. Surprisingly, I meet people every week who haven't even HEARD of this gift. Yes, I consider it a gift, because it doesn't have to be paid back at all!

I decided to look for a comprehensive video to explain the ins and outs of this program, which is valid through the end of November 2009. I found this one from the National Association of Home Builders which seems to cover all of the bases:

Coupled with exceptionally low interest rates and plenty of inventory to choose from, this tax credit is just one more reason to buy in the upcoming months. Why not take advantage of this free money?