If you are a first time home buyer then you should really consider buying a home this year! HR 3221, known as the American Housing Rescue and Foreclosure Prevention Act of 2008, contains a provision that would provide a temporary first time home buyer tax credit of $7,500 for the purchase of any home used as a principle residence and closed on/between April 9, 2008 and April 1, 2009. The National Home Builders Association is trying to extend that date to June 30, 2009!