Federal, state and local housing programs can help buyers make that big purchase. The U.S. Housing and Economic Recovery Act of 2008 includes a $7,500 tax credit for first-time buyers on a home purchased between April 9, 2008 and July 1, 2009. Last October, Florida approved $571 million in tax-exempt bonds for loans to first-time buyers with low and moderate incomes. Florida programs can also help moderate income buyers cover down payment and closing costs. Talk to a local mortgage lender about these and other incentive programs.