The United States goverment is trying to stimulate the economy by enacting the American Recovery and Reinvestment Act. What it does is provide first time home buyers, those that have not owned a personal property in the last three years with a tax credit of up to $8000. I say up to $8000 because homebuyers can only claim up to 10% of the total purchase price of the home.
This isn't going to last for long however, in order to take advantage of the credit, you must close escrow on your home between January 1st 2009 and December 31st, 2009. There are also income restrictions as well, for singles it's $75,000 and for married couples, $150,000. Some deductions can be claimed as well, so if your income is close, you may still be eligible for the program.
The tax credit is a great incentive for first time home buyers with home prices and interest rates being so low. So don't miss your opportunity to take advantage of this great incentive!