First Time Homebuyer Repayment Rejections

The first-time homebuyer credit was a tax credit for individuals and couples who purchased a new home after April 8, 2008, and before May 1, 2010. There were several versions of the credit depending upon when the home was purchased: 

• For homes purchased in 2008, the credit, with some exceptions, must be repaid and takes the form of a $7,500 interest-free loan. 

The credit was 10 percent of the purchase price of the home. The maximum available credit was $7,500 in 2008 or $8,000 if the home was purchased home in 2009 or early 2010.