Are you confused about all this talk on the new $8000 tax credit? Wondering if it applies to your situation? Are you married and your spouse has never owned a home? Can you use the credit towards your down payment? Just a sample of some of the questions I'm seeing -- here are the top 3 Q and A -- if you have questions please post them and we'll be sure to answer them asap.

Q: Who is Eligible for the Credit?

A: The $8,000 Tax Credit is available for First Time Home Buyers only. The law defines “First Time Home Buyer” as a person who has not owned a principal residence during the three -year period prior to the purchase.

Q: Are there payback provisions?

A: The Tax Credit is a true credit. The only repayment requirement is if the homeowner sells the home within three years after the purchase in which case the entire credit would have to be repaid.

Q: Are there income limits to qualify for the credit?

A: Home buyers who file as single or head of household qualify if their adjusted gross income is less than $75,000. For married couples filing a joint return the income limit doubles to $150,000. The tax credit begins to phase out for single filers making over $75,000 up to $95,000 and married couples earing over $150,000 to $170,000.