From now until December 1, 2009, first time homebuyers can buy a home and receive up to an $8000 tax credit. How? You have not owned a home in the three previous years up to purchase date. If you are single you must make up to or less than $75,000 or $150,000 if married. The tax credit is equal to 10% of the home's purchase price up to a maximum of $8,000. The tax credit never has to be repaid. (less info)