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Congress just provided a bit of good news for first time buyers.

The massive, 690-page housing bill just approved on Capitol Hill contains an important stimulus program designed to jump-start housing sales.  It's a tax credit, effective immediately, that could cut up to $7,500 off the federal tax return of those who buys a house before the end of next June, when it expires.

Buyers have to be first-time purchasers, or renters who haven't owned a house anytime in the past three years.  The "credit" is actually more like an interest free loan, repayable over 15 years. Single taxpayers can only qualify for a $3,750 maximum credit.

Starting this week, hundreds of thousands of potential buyers who've been on the sidelines can purchase a new or resale house and qualify for the credit.  Plus there's no Congressional limit on how many buyers can take advantage of the new incentive.  This is the time to start looking.  Prices haven't been this low for years.