First Time Home Buyers Need to Act NOW!

Exactly 6 weekends left till April 30, which is the deadline for first-time home buyer to get their tax credit from Federal Government.
The deadline April 30 posted is for the buyer has to have binding contract with seller, and up to June 30 to close the escrow.

New buyers who never own homes within the past three years, can claim $8,000 credit, if MAGI ( modified adjusted gross income) not exceed $125,000 for single and $225,000 for married couple. Home owners who already lived in their current home consequetively 5 years out of past 8 years and will claim the new purchased home for prime residency, can get $6500 credit. The maximum price of the property buyers can purchase is $800,000.

IRS site has very detail information: First Time Home Buyers Tax Credit
Other industrial website also provide this information in a more consumer friendly terms:

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