To amend the Internal Revenue Code of 1986 to allow a credit for the purchase of a principal residence by a first-time homebuyer.

Amends the Internal Revenue Code to allow a tax credit for a first-time homebuyer who purchases a principal residence of five percent of the purchase price of such residence. Limits such credit to $2,000. Limits the homebuyer's income to $50,000 ($100,000 in the case of a joint return).