The government's new stimulus, when it is all printed out, is a very large document. Somewhere in the midst of all that paper are a few lines that can save Americans hoping to buy a home a lot of money.

The Senate Approves a $15,000 Tax Break for Homebuyers

Under the new stimulus package, qualifying first-time homeowners will get a $8,000 tax credit. According to the plan, if a person who has not owned a home before buys one this year, and they meet all the guidelines, they can get this tax credit. The real advantage to this tax credit is that it does not have to be repaid. Under the old plan, homeowners who bought their homes between April 9, 2008 and July 1, 2009 were given a $7,5000 tax credit, but it was really just an interest free loan that had to be repaid in 17 years. The new tax credit is larger and does not have to be repaid, but it does come with a long list of requirements that covers everything from the date of purchase to the homeowner's income.

$8,000 Tax Credit Eligibility Checklist

The homebuyer must be a first-time homebuyer. Under this plan the definition of a first time homebuyer is someone who has not owned a home for three years prior to buying this one.

The house has to have been purchased during the time between January 1 and December 1, 2009 calendar year. This is an absolute. There are no extensions and homebuyers need to be aware that the deadline is December 1, not 31.

The buyer's MAGI (modified adjusted gross income) must be less than $95,000 for a single person and $170,000 for a couple who file a joint return.

The buyer's modified adjusted gross income (MAGI) is less than $95,000 for an individual or $170,000 for a married couple filing a joint return to be eligible for the maximum tax credit. As the income level rises, the amount of credit declines until the buyer's income is $95,000 and then no credit is available.

The homebuyer has to be purchasing a house that is going to be lived in. The tax credit cannot be for a non-primary home, one that the homeowner is not planning to live in. The home can be a detached home, a townhouse or condominium, a manufactured home or a houseboat, but the homeowner must intend to live in it.

The buyer must live in the home for at least three years after the purchase date. The homeowner cannot move, sell or leave the home for any other reason for three years. Otherwise the tax credit must be paid back.

The home must be valued at $80,000 or more. The plan states that the homeowner can get up to 10% of the home's value and to get the maximum of $8,000 the home must be worth over more than $80,000. Married couples can file separately and will get a maximum of $4,000 each.