I have been reading up on this tax credit and I can't seem to understand the date part of it, if I purchased my home in 2007 am I eligible for this credit? If not why did the government limit this to certain homebuyers with the economy the way it is we all need a little help.

No you are not eligible for the tax credit. This credit is available for first time home buyers and those who did not own home in last three years.
Your U.S. Tax Return: First-Time Homebuyer Credit (http://taxipay.blogspot.com/2009/01/first-time-homebuyer-credit.html)