If you have not owned a home in US for the last three years, you are eligible for tax credit of 10% of your new home purchase, subject to a maximum credit of 8000 dollars. The move is aimed at clearing the huge pile of house inventory and prop up the property prices.
The tax credit is available for all home buys done between April 9, 2008 to December 1 2009. If you do not have tax liability otherwise, then the government will send you a check for 10% of the home purchase value, subject to a maximum of 8000 dollars. This is expected to result in revival of the sagging US housing sector to a large extent.