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

Amends the Internal Revenue Code to allow a first-time homebuyer who purchases a principal residence a tax credit of ten percent of the purchase price of such residence. Limits the credit to $2,500. Requires married individuals filing jointly to both be first-time buyers. Allows the use of 50 percent of the credit in the first taxable year in which the residence is purchased and the remaining 50 percent in the succeeding taxable year. Makes this credit applicable to residences acquired during 1993 and before July 1, 1994.