The Easy-To-Understand 2010 Home Buyer Tax Credit Program Summary

November 6, 2009, Congress modified the $8,000 First-Time Home Buyer Tax Credit program, turning it into the "regular" Home Buyer Tax Credit program. Under the program's new terms, first-time buyers are eligible for up to $8,000 in federal tax credits; "long-time" homeowners get up to $6,500. Note the term "long-time" homeowner. According to the IRS, a long-time homeowner is someone who has used a home as a primary residence for at least 5 consecutive years dating back to 2002.