Discover North Seattle: Go For The Gold: How to Put $8,000 in Your Pocket

Here's a real life success story.

To illustrate the beauty of the tax credit, take the example of Laura K. and her husband of Austin, Texas.

Laura, an exotic animal veterinarian, and her husband, a book editor, had spent much of 2008 in search of the elusive perfect home. They worked with their real estate agent over several months and found two homes they really loved. But unfortunately, two consecutive deals fell through and their dreams of home ownership were put on hold. "It was exhausting and unfortunate," says Laura. "I really had had enough."

Reassured by her husband, who hated paying rent toward someone else's mortgage, and inspired by her mother, who had found great success investing in real estate over the years, Laura let patience guide her toward a better opportunity. By March of 2009 she and her husband had saved up more money and were ready to pounce. Their patience proved fruitful as their real estate agent found them a bank-owned condo within their preapproved price range in a fabulous neighborhood just a five-minute walk from downtown. (Five minutes from downtown! Woo-hoo!)

They secured financing and entered into a scary multiple-offer situation. As fate would have it, they beat out two other buyers when their offer was accepted. Armed with 30-year conventional financing at a rate of 5 percent, they were now sitting pretty with very manageable monthly mortgage payments. And here's the kicker: They earned themselves a big, fat check for eight grand from Uncle Sam.

With the money they received, they could now fully furnish their new condo, make a donation to their favorite charity, and Laura could treat herself to monthly pedicures. All this and her husband embarked on a variety of challenging landscaping projects. Laura is now thrilled to be a homeowner. "The tax credit was a gift. Even though our previous offers fell through, I could not be happier."

So there's some real-life inspiration for you. Now go get that home of your own and the $8,000. And maybe you too can enjoy pedicures as often as you like.

- Jay