I am very intrigued by the $8,000 federally offered tax credit this year for first time home buyers so I wanted to look into what it is all about. I have discovered some great news. If you alone make less than $75,000 a year or as a couple make less than $150,000 then you qualify for this credit.

In the last three you cannot have been a home owner. For those of us who are first time home buyers this is perfect because it allows us to get our feet wet.

If the value of your home is less than $80,000 then you get 10% of its cost. After this you only get $8,000. Another thing to remember is that rates are incredibly low right now and it is cheaper to have a good rate than to wait for house prices to drop and rates to go up.