Some more information was recently e-mailed to me about the 2009 tax credit. The most recent economic stimulus package, the American Recovery and Reinvestment Act, signed by President Obama included a tax credit for first time home buyers. It allows for up to an $8,000 tax credit for qualified buyers. The best news is this credit does not have to be re-paid, and is refundable!
The name of the credit can be somewhat misleading, because you don't literally have to be a first time home buyer. If you have not owned a principal residence in the past 3 years at the time of purchase you can qualify for the credit.