First Time Homebuyers Get Great Tax Credit

"You talk about bailouts or stimulus package, this is a bailout if you will that actually does get into the hands of real people," says Chambliss. And it doesn't matter if you've already filed from last year or this year, you can still get the money.
"You simply need to file an amended return, showing you've made that home purchase and you'll be eligible for the credit through the IRS." Chambliss says with a November 30 deadline, there's still plenty of time.

"The best thing anyone can do is contact a local mortgage lender and find out if they can qualify for a new home purchase, if they're not quite ready they still have time to get ready ," says Chambliss. Lamb says she and her husband watched the market and were ready to buy, she says the extra money to pay off bills just came as a bonus. "It's an amazing relief to know you don't have that anymore." The only rules are you must not have owned a home for 3 years, you have to keep it for 3 years, and it cannot be an investment or vacation home.

For all the details about how you can get your federal housing tax credit go to www.federalhousingtaxcredit.com and watch FOX13 at 5pm and 9pm.