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Define 'first-time buyer'
Todd Sorg, 38, is a manager of accounting systems for the auto industry. He is seen here with his wife, Sylvia.
Experts: Robert Dietz, economist, National Association of Homebuilders
Answer: 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
Last updated February 24 2009: 6:58 AM ET
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