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NOW is an even better time to buy a home!
If you buy a home between April 9, 2008, through June 30, 2009, you could be eligible for as much as a $7,500 tax credit.  This new incentive was approved by George Bush as part of the housing reform bill, making now a better time to buy a home.
If you have not owned a house during the past three years and can close before the end of next June, you may be eligible for up to a $7,500 credit against your federal taxes for 2008 or 2009 ($3,750 if you file taxes as a single person).
Here's a quick overview of how this new credit will work for you:
Why it was implemented:  To jump-start housing sales and exhaust unsold real estate inventories, Congress is offering tax credits to pull in new buyers. Within the designated time period, buy any house--regardless of it's age, location, condition, or price and the IRS will cut up to $7,500 off your tax bill for either this year or next. For example, if you're an eligible buyer this year and you owe the IRS $4,000 on your total 2008 income tax bill, your $7,500 tax credit could wipe out everything you owe plus get you ... more

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