The $8,000 first time homebuyer tax credit is a fabulous incentive if you are ready to buy a house!  If you have all your ducks in a row but your search has been fruitless thus far, it is time to step it up! In order to get this credit, you must have CLOSED on your new home by December 1, 2009.  It is advisable to have a contract in place in October to assure that there is at least 45-60 days allotted for setbacks or necessary repairs scheduled to be made before closing.  Please don’t be fooled by the word credit. You will actually receive a lump sum of money equalling the difference between $8,000 and what you owe once your 2009 return has been filed.  If you do not owe money at the end of the fiscal year, you get the lump sum of $8,000 when you receive your 2009 return. Win/Win!