According today's Real Estate News, now is a particularly great time for first-time buyers, or buyers long out of the market, to jump in.

Here's just a couple of reasons why:

• Prices are probably as low as they are going to go as the market stabalizes, thanks to the government takeover of Fannie Mae and Freddie Mac.
• Interest rates are likely to decline as Freddie and Fannie get government help.
• Minimum down payments required by FHA will raise on October 1, 2008 from 3 % to 3.5%. People scraping dollars together for a down payment should try to set their closing for the end of this month.
• The tax credit will shave $7,500 off a first-time buyer's federal tax bill due April 15. Buyers who don't owe tax, will get the money as a refund. (The government's definition of a first-time buyer is anyone who hasn't owned a home in the last three years).

So, if you have been thinking about buying but just haven't made the committment to do it yet, NOW's the time to save money on down payment requirements and get substantial tax incentive that you can use for anything you would like.