If you are thinking about purchasing your first home, don't forget about the $8,000 tax credit you could be eligible for.  Now is the perfect time to buy with the low interest rates and the additional tax credit now available. 

Here are the details of the limited time tax credit:

• You must not have owned a pricipal residence during the three (3) years prior to your new purchase.
• The property must be your primary residence.
• You must live in the property for a minimum of three (3) years.  If you sell the property prior to three (3) years, the tax credit must be repaid.
• There are income limits:  $75,000 for single tax filers; $150,000 for married tax filers.  There are reduced benefits for single filers up to $95,000 and married filers up to $170,000.
• Vacation and investment homes do not qualify for the credit.
• The tax credit equals 10% of the purchase price up to a maximum of $8,000.
• The tax credit does not have to be repaid (unless owned less than 3 years).

This tax credit expires on April 30, 2010!  Note:  it now takes approximately 45 - 60 days to close escrow, so you should be shopping now for your home!!