The 2009 government stimulus package offers many incentives for buyers in today’s marketplace. For example, many homebuyers – especially those purchasing their first house or condominium – are eligible for local, state and federal incentive programs.

The American Recovery and Reinvestment Act of 2009 includes several home-buying incentives. Here are three examples:

• Homebuyer Tax Credit – The bill provides an $8,000 tax credit that is available to first-time homebuyers for the purchase of a principal residence from Jan. 1, 2009 through Nov. 30, 2009.  The credit does not require repayment. http://www.realtor.org/government_affairs/gapublic/homebuyer_tax_credit  for details of the bill that provides for a $8,000 tax credit available to first-time home buyers for the purchase of a principal residence.   How to get the $8,000 credit.
• FHA, Fannie Mae and Freddie Mac Loan Limits – The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac and Fannie Mae loans.

• Check out the loan limits in your county

• Neighborhood Stabilization - The bill provides $2 billion in additional funding for the Neighborhood Stabilization Program (NSP).  The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties.

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Another home-buying incentive program is the Florida Housing’s First Time Homebuyer Program (FTHB). Qualified first-time buyers may receive a 30-year fixed interest rate mortgage loan through a network of participating lenders and lending institutions. Florida Housing also offers down-payment and closing-costs assistance to eligible borrowers, which can greatly reduce out-of-pocket expenses for the buyer. Even people who are not first-time buyers may be eligible for this program if they purchase a home in a specially designated target area. This program uses income and purchase price limits to determine eligibility.

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More opportunities for first-time homebuyer grants

Local and regional incentive programs are available throughout the state. Some Florida counties and cities offer special financing assistance for low- or moderate-income buyers, especially those purchasing their first home.

There are numerous websites offering a wealth of information:  Santa Rosa County - Affordable Housing

Coalition  for down payment and housing assistance  and also http://www.rurdev.usda.gov/rhs/sfh/brief_rhdirect.htm for Rural Housing Direct Loans which are directly funded by the Government and are available for low- and very low-income households to obtain homeownership.  Applicants may obtain 100% financing to purchase an existing dwelling, purchase a site and construct a dwelling, or purchase newly constructed dwellings located in rural areas.  Mortgage payments are based on the household's adjusted income.  Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

The Making Home Affordable Program http://makinghomeaffordable.gov/  is designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. In doing so, the plan not only helps responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being pulled over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.