What an outstanding opportunity to buy a home! Congress has enacted legislation by providing a tax credit of up to $8,000 for any first time home buyer (a first time homebuyer is considered any buyer who has not owned a principal residence during the three-year period prior to purchase). The home purchase must occur on or after January 1, 2009 and before December 1, 2009. This tax credit does not have to be repaid!! The tax credit is equal to 10% of the homes purchase price up to a maximum of $8,000. Wow!