Angela Cook, 35, is a paralegal.
Expert: Robert Dietz, economist, National Association of Homebuilders
Answer: The short answer is yes; the house must be purchased between Jan. 1, 2009 and Nov. 30, 2009 to qualify for the new plan, so you miss on the latest credit and will have to repay the previous credit. Unfortunately, the way the stimulus bill was drafted makes it like two tax credit programs that run consecutively. The 2009 purchaser receives a substantially more valuable credit.
The good news is that your $7,500 tax credit, which was part of the Housing Recovery Act passed last summer, is still a good deal. You don't have to start repaying it for two years from the date of sale, and you have 15 more years to pay it all back. The value of this, which amounts to a tax-free loan, is about $4,000.
NEXT: Define 'first-time buyer'
Last updated February 24 2009: 6:58 AM ET