Under the plan, a person who makes less than $75,000 a year or a couple who earns less than $150,000 is eligible for $8,000.

Sue Lease, of the Cambria-Somerset Realtors Association, said purchasers should still consult an accountant before amending their 2008 tax return, but said the plan will benefit many people.

"This -- coupled with the lower interest rates and this first time homebuyer's credit -- it's a terrific time to buy a home," Lease said.

Smart Savings: An Economic Survival Guide

Tim Sendek, of Ferndale, said he and his wife are buying a home in Southmont Borough. While home prices haven't bottomed out there like they have elsewhere, Sendek said $8,000 can go a long way.

"There are plenty of projects that we wanted to do in the new home. We thought we were going to have to wait, but now we can do them sooner rather than later and pump some money back into the economy while we're doing it," Sendek said.

Nationally, home prices are expected to keep falling this year. To get the first-time homebuyer's tax credit, people must purchase before Dec. 1, 2009.