If you are wanting receive tax credit you need get going you have be closed title transferred to you by 11.31.09 of this year. It takes approx. 30 to 45 days close.

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Answers to most commonly asked question about the first time buyer tax credit can be found on the following website.
http://www.federalhousingtaxcredit.com/2009/faq.php

There's plenty of information on the available tax credits here in Metro Atlanta right here at Trulia.com blogs. Click the link below.

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$1,800 Georgia Homebuyer Tax Credit Available
A tax credit of up to $1,800 is now available to purchasers of an eligible single family residence in Georgia for homes purchased between June 1 and November 30, 2009! Click here for FAQs about the federal and state tax credits.

Up to $8,000 First-Time
Homebuyer Tax Credit
The American Recovery and Reinvestment Act of 2009 provides for an $8,000 tax credit that would be available to first-time homebuyers.

The credit does not require repayment, and it will be claimed on a tax return to reduce the purchaser’s income tax liability.

If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
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You can also go to http://www.irs.gov. Don't forget that your state may also have a credit for first time home buyer's.

Great question! The tax credit is in effect through November 30th, and you can read the details here:

http://www.memphisowners.com/8000TaxCredit