Financial thoughts

The federal government is offering a tax credit worth up to $8,000, or 10 percent of the cost of the house, for people who have not owned a home in the past three years.

To qualify, the home must be a primary residence, and the credit is to be refunded if the buyer moves within three years. The credit is phased out for single people earning $75,000 or more, or married couples earning $150,000, and can be claimed on either 2008 or 2009 returns. Closing must be completed before Dec. 1.

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