Your credit rating is irrelevant for this discussion.
If you have not owned a house before you would be eligible for (up to) $8,000.
That is up to 10% of the purchase price until you hit $80k. If you bought a $45k house you would not get $8k, you would be eligible for a $4,500 refund.
I would talk to a local lender and ask them what your credit score is and if there is anything you can do to improve it in a reasonably short time frame. You only have until 4-30-2010 to buy a house and get the credit. Expect interest rates to go up sometime during march or the beginning of april.... more