The federal tax credit is set to expire December 1st. This means you must close by November 30th. Buyers who have not owned a primary residence for 3 years may be eligible. If you occupy the home for 3 years or more you do not have to pay it back!! The credit can be deducted from you 2008 & 09 income tax return. The National Association of Realtors has estimated that the credit brought 350,000 buyers into the market since it's inception.
NAR along with other industry groups is making a big push to extend the credit through 2010. You too can help to by writing to your Senator Take 30 seconds to do this, it can only help our economy.