First-Time Homebuyers' Tax Credit Act of 2005

First-Time Homebuyers' Tax Credit Act of 2005 - Amends the Internal Revenue Code to: (1) allow an income-based, one-time tax credit for first-time homebuyers of ten percent of a principal residence's purchase price ($3,000 maximum credit, $6,000 maximum credit for joint filers); (2) allow transfer of such credit (within 30 days of transfer application) as payment towards related downpayment and closing costs; and (3) apply the credit to purchases made on or after January 1, 2005, and before January 1, 2010, and to binding contracts made between such dates, and in which the residence is occupied before July 1, 2011.