I have heard for months, a first time home buyer purchasing a home before April 20, 2010 you will get $8,000 back from the IRS in a tax credit. The statement is not the whole story or necessarily true.

If the home was purchased after November 6th 2009, the credit is not available to dependents, the credit is not available on homes costing over $800,000, the credit is less if the home cost is less than $80,000 (you may get a 10% credit of the purchase price), you must be at least 18 years old to get the credit, full credit is available to purchases with modified adjusted incomes of less than $75, 000 for single filers or $150,000 for joint filers, both husband and wife must not have owned a home in the last three years to get the first time homebuyer credit, and if you fail to live in the home as your primary residence for 36 months from date of purchase the FULL amount of the credit becomes due on your next income tax return.

A first time homebuyer has until April 30, 2010 to enter into a binding contract, and a settlement date to occur before July 1, 2010 to qualify within the timeline limits for the credit.