This really could be the best time for a first time home buyer to start building their nest egg.  For another 8 months the Federal Government will help you out.  After that, your guess is a good as anyone else's.  But for now, this is an offer of free money.  My advice, take it.

We still get lots of question regard the specifics.  So, let's go to the source.  Here is the link to the IRS page that explains it in a meaningful way and not just legal jargon.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html

 If you still have a question, leave it in comments and I will get an answer for you.