"Is the new homebuyer tax credit really only for first-time buyers, and if so, who qualifies as a first-time buyer? How does it work if one spouse qualifies as a new buyer and the other does not?" - Todd Sorg, Auburn, Ind.Experts:
Robert Dietz, economist, National Association of HomebuildersAnswer:
First-time homebuyers must not have owned a principal residence for at least three years prior to their purchase. For married couples, it's a test of both spouses: If either fails the three-year test, neither can claim the credit.
You are permitted to own an investment property or a vacation home and still qualify if you live in an apartment most of the year. Homebuyers must remain in the home for three full years to keep the rebate. NEXT: Unemployment benefits