I'm sharing this good news because I would like every first-time home buyer to benefit from it. Because the hubs and I didn't when it was our turn!!! Unfortunately that time when we bought our first place, that was the year when the hubs received a significant union settlement, as well as a withdrawal from 401K supposedly to help us with the down payment -- these were all considered income and so even if my contribution to the joint pot was a measly amount, we were over the cut-off (the income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both) Too bad we didn't make the cut. That could have helped a lot.

Now, I just want to share what I learned that first-time homebuyers, or those who have not owned in the last three years, can receive up to $8,000 tax credit. And those homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit.

I hope more people qualify. I hope we can redo our business plan all over again, and avoid the same pitfalls we've encountered when we bought our first house. We got dinged on taxes and it's only now that we're finally getting square with Uncle Sam -- well, almost. It is a never-ending struggle, but the consolation is we have a roof above our heads, and we work hard for it. That's what matters.