If you are planning to buy your first home, there has truly never been a better time! As a first-time home buyer you may qualify for up to an $8,000 tax credit. Between the tax credit, historically low mortgage rates, low home prices and a wide variety of homes to chose from, there are lots of reasons to consider a new home.

The National Association of Home Builders has a number of resources available to help make sense of the current housing market conditions. Homeownership has advantages, visit the Federal Housing Tax Credit Web site for detailed information about the tax credit.

The “Opportunity Knocks for Home Buyers” brochure explains the long-term advantages of buying a home, and provides charts showing examples of typical federal income tax savings through the first five years of homeownership. The brochure can be downloaded from NAHB’s Web site at www.nahb.org/opportunityknocks.

Don’t forget, the tax credit is a limited opportunity. Opportunity does not always knock twice! Qualified buyers must buy a home between before April 30, 2010.

In addition, make sure to read the HUD Mortgagee letter that details how first-time home buyers can utilize the $8000 Federal housing tax credit.