First-Time Homebuyer Tax Credit Act of 1997

First-Time Homebuyer Tax Credit Act of 1997 - 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 $5,000. Requires married individuals filing jointly to both be first-time homebuyers. 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 after January 1, 1997, and before January 1, 1998, or for which a binding contract is entered into during such period.