It is estimated that 53% of the home buyers in 2009 will be first time home buyers.  There were two Acts, one passed in 2008 and the other in 2009 to assist first time homebuyers with tax credit funds.
The following is a summary of the 2008 and 2009 Tax Credit Acts.  The 2009 Tax Credit Act will not be applicable for purchases after November 30, 2009.  Now is the time to buy!

Additional Tax Credit Information:
Purchase Date for a residence being constructed:
The Purchase Date is the date the individual moves in, even though construction began earlier.
First Time Homebuyer:
An individual is a “first-time homebuyer,” if neither the individual nor the individual’s spouse has owned an interest in a principal residence in the U.S. during the 3-year period ending on the date of the purchase of the current residence.
An individual’s marital status is determined at the date of purchase.
Ownership of a dwelling that is not the taxpayer’s principal residence within the prior three years does not affect qualification for the credit.
36-Month Recapture Rule Exceptions:
Transfers between spouses
Transfers because of death
Involuntary conversions
No gain on sale
Treatment of Unmarried Co-Owners:
Two or more unmarried individuals may purchase a residence and qualify for the credit.  However, the total amount of the credit allowed to the individuals in the aggregate may not exceed the overall cap of $8,000 for 2009 ($7,500 for 2008).  The co-owners may allocate the credit between themselves in any reasonable manner.  No portion of the credit may be allocated to a co-owner who would not otherwise qualify for the credit.  No portion of the credit may be allocated to a co-owner who did not contribute financially toward the purchase price of the residence.  Example:  If co-owner A pays the entire purchase price of the residence and lists co-owner B as a 50% owner, co-owner B is not eligible to take any of the credit.  Co-owner A would take the entire credit.
2009 Credit May Be Taken on the 2008 Tax Return:
If an individual purchases a qualifying residence after 2008, and before December 1, 2009, the individual may elect to treat the purchase as made on December 31, 2008.  If this election is made, any income phase-out will be based on 2008 Adjusted Gross Income.  However, taking the credit on a 2008 return (rather than the 2009 return) does not subject the credit to the 15-year recapture provisions.  If your client thinks they want to do this, they should consult their tax advisor.  This requires some careful tax planning and calculations.  To take advantage of this option, the individual can either:
Extend 2008 Return Until  Home is Purchased, or
Amend their already filed 2008 Return
This is a Refundable Credit:
If the credit exceeds the individual’s tax, they can still receive a refund for the eligible credit amount in addition to whatever refund they might already be due.