The new homebuyer tax credit in the final version of the current economic stimulus bill is not nearly as generous as first conceived in the Senate. Instead of applying to every homebuyer the credit now only applies to first time homebuyers. And it ends being only $8,000, instead of $15,000. Here is what CNN Money reports about some of the details of the credit in the economic stimulus bill:

To qualify for the credit, the purchase must be made between Jan. 1,
2009 and Nov. 30, 2009. Buyers may not have owned a home for the past
three years to qualify as "first time" buyer. They must also live in
the house for at least three years, or they will be obligated to pay
back the credit.

Additionally, there are income restrictions:
To qualify, buyers must make less than $75,000 for singles or $150,000
for couples. (Higher-income buyers may receive a partial credit.)

This will be a bit of a comedown for many — especially those who were looking to buy a home, but may already own. And it doesn't appear to alter the payback requirement for the $7,500 credit issued in an earlier economic stimulus bill — but I could be wrong on that.