Great news for those of you considering the purchase of your first home, though many of you may already be aware of it. Under the “American Recovery and Reinvestment Act of 2009,” an economic stimulus package designed to revitalize the housing market, all first-time home buyers who purchase or build a house in 2009 year will receive an $8,000 tax credit. Unlike the similar 2008 tax credit, this credit does not need to be repaid.

The good news is, there really aren’t that many catches to the plan. The credit covers 10 percent of the home’s value, up to a maximum of $8,000. In other words, if you purchased a home worth $65,000, you’d receive a tax credit of $6,500. To qualify for the credit, you must make less than $75,000 a year if you’re single, and less than $150,000 for married couples.

As defined by the tax credit website, a “first-time home buyer” is anyone “who has not owned a principal residence during the three-year period prior to the purchase.” So if you owned a home four years ago, but have rented since then, you qualify as a first-time home buyer!

Feel free to check out the tax credit website and the “frequently asked questions” page for more info about this deal and a similar credit for those of you who bought or built a modular home in 2008.