Federal tax credits for first-time buyers

March 10, 2010 9:53:18 AM PST
Lower prices and low interest rates aren't the only things getting people to think about buying homes. A federal tax credit has turned out to be very popular idea, and for some people, it's another reason to buy.

Here's what you need to know about it.

If you're a first time home buyer, you get $8,000 from the government. And even if you've bought a home before, you can pocket $6,500.

In some cases, you can use that money towards a downpayment.

But there are some catches, of course. Time is limited.

You need to buy something by the end of April, and close by the end of June.

And there are income restrictions.

CLICK HERE for more information on the home buyers credit.