Homebuyers still have a little over four months to take advantage of the $8,000 tax credit for first- time home buyers.

Highlights are as follows: Tax credit equals 10% of the home's purchase price up to a maximum of $8,000 and applies to first- time home buyers and principal residences. Unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid. A first-time home buyer is defined as someone who hasn't owned a principal residence for the previous three years. Tax credits are available for homes purchased on or after January 1, 2009 and before December 1, 2009.

The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less ($150,000 for married couples) to qualify for the full credit. Those earning more than this may be eligible for reduced credits.