TAX CREDIT: thay are equal to 10% of the purchase price of a primary residence, up to maximum of $8,000 for the first-time buyers and $6,500 for repeat buyers.
First-time buyers are defines as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home for at least five years The credit cannot be used for houses costng more than $800,000.

DEADLINE FOR QUALIFYING: Purchase agreements must be sighned by April 30 and closings must be final by June 30.

MILITARY DEADLINE The deadline is extended by a year fo members of the military who have served outside the United States for at least 90 days from Jan.1,2009, to May 1,2010.

INCOME LIMITS : Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,00 and joint filers with incomes up to $245,000 qualify for reduced credits.

HOW TO APPLY: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immidiate refunds can amend their tax returns for 2008 to claim credit

source: Joint committee on tazation