If you're an investor, hold onto your hat and get yourself ready to sell your beautiful newly rehabbed properties to a plethora of motivated buyers, the likes of which have not been seen since 2005; and if you're a buyer, take advantage while you can. Interest rates and prices are already low-- this is the second layer of icing on the cake!

Here's how it works:

Eligibility -

1. Cannot currently own a home or have purchased one in the last three years.
2. Must buy the home between April 9, 2008 and June 30, 2009
3. Can be used for any house, in any price, in any real estate market

Overview -

1. $7,500 credit, or refund, on 2008, 2009 taxes (Yes! You can get up to a $7,500 additional refund next April!)
2. Must buy (close on) a house before next June 30 to claim a credit of up to 10% of the purchase price of the property up to a maximum of $7,500
3. If your adjusted gross income exceeds $150,000 ($75,000 for singles), the credit maximum begins to phase down in increments.