Remember if you want to obtain the up to 8K tax credit (10% of purchase price up to 8K), you need to heat up your home search without delay. It can take up to 45 days to obtain a loan. Keep in mind, as long as you have not owned a home in three years, you may qualify for the tax credit, even though this is not the first home you have owned. Additionally, to obtain the full credit your income should be 75K or under if you are single and 150K or under if you are married.