If you are a qualifying homeowner, here's what you need to know about what the Stimulus Package can do for you:

You may be eligible for receiving a tax credit only if you or your spouse are first-time homebuyers and have not owned a residence up to three years prior to the time of your application. You may still qualify if you own a rental or vacation property.

You may receive up to $8,000 or 10% of the home's purchase price, determined by the lesser value.

Only homes purchased between January 1, 2009 and December 31, 2009 qualify for a credit.

If you have owned your home at least 36 months, repayment or recapture clauses do not apply.

You as the buyer may receive a refund on the maximum tax credit amount allowed, whether or not you have paid up to that same amount in taxes.

Qualifying for the tax credit depends largely on if your modified adjusted gross income (MAGI) is $150,000 or less (for married couples) or $75,000 (for singles). If you are married and your MAGI is between $150,000 and $170,000, or if you are single and it is between $75,000 and $95,000, you may still be able to receive a partial tax credit. If you file for the credit separately from your spouse, each of you can claim 5% of what your home's price is, or $4,000, according to the lesser amount, on your tax returns.

If you are planning to buy your first home by the end of 2009, you may choose change your tax withholdings for up to the amount of the tax credit you are eligible for, if you would like to save the money for a down-payment on your home. If in the event you do not purchase, that money must be repaid to the IRS.

Even if the homeowners have a title for a home that is currently being built, the effective date for eligibility is only when the homeowners begin occupying it. This means that even if construction began in 2008, but the homeowners still qualify for the tax credit, they can qualify for the program if the closing is between January 1, 2009 and December 31, 2009, with the homeowners occupying the property by December 31, 2009.

For tax credit purposes, homeowners may also receive credits on their 2008 tax returns for their qualified 2009 home as having been purchased in 2008.