A recent NAR survey stated that most Americans are unaware of the $7,500 home buyer tax credit. Some details from the National Association of Home Builders:

§ The tax credit is available for first-time home buyers only. See FAQ link below for the definition of first-time home buyers, as it is not what it seems.

§ The maximum credit amount is $7,500.

§ The credit is available for homes purchased on or after April 9, 2008 and before
July 1, 2009.

§ Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

§ The tax credit works like an interest-free loan and must be repaid over a 15-year period.

The National Association of Home Builders has a great FAQ site here.  This tax credit is available in the Virginia Beach, Chesapeake, and Hampton Roads area.