R.I.P Federal Tax Credit; What Now?

The Federal Home Buyer Tax credit had expired on April 30th 2010. For those who were under contract before or on 04/30/2010, no worries, you will get your tax credit as long as you close the sale before July 1st 2010.
For a lot more people who miss the deadline, the expiration of the tax credit doesn’t mean you will be on you own if you chose to buy now. Program like the Georgia Dream Homeownership is helping first home buyer in the State of Georgia with interest free, non repayable (No payment due until home is sold, refinanced or no longer used as the borrower’s principal residence) down payment assistance. Eligible first time homebuyer will benefit from these different loan program assistance under the DCA:
STANDARD
All eligible home buyers$5,000
PEN
Eligible home buyers who are employed by entities that provide public protection (including the military), health care, or education. $7,500
CHOICE
Eligible home buyers whose household includes an individual living with a disability
Loan Amount Atlanta MSA Income Limit Statewide Income Limit
$7,500 $30,000 and over* $25,000 and over*
$10,000 Less than $29,999 Less than $24,999
*Maximum income and sale price limits apply
SIGNATURE COMMUNITY
Eligible employees of local governments designated as Signature Communities$7,500
GEORGIA DREAM REWARDS
As a reward for higher credit scores and to encourage savings, eligible borrowers will:
1) Have a total annual household income that does not exceed the Georgia Dream First Mortgage Loan Financing Limits on page one
2) May retain cash assets up to the greater of $20,000 or 20% of the purchase price
3) Contribute a minimum of $1,000 of borrower funds to the purchase transaction.
$5,000 if sales price is $150,000 or less
$7,500 if sales price is greater than $150,000
SINGLE FAMILY DEVELOPMENT
Affordable homes constructed under this special development program$7,500 - $20,000

In another hand, if you purchase an energy-efficient product or renewable energy system for your home, you may be eligible for a federal tax credit for energy efficiency. Known as Federal Tax Credits for Energy Efficiency, this program offer several incentives for homeowners who chose to update their principal or second residence. Unlike other tax credit, you actually have to own a home to be eligible for this program.

In an effort to clear up their REO inventory, Fannie Mae and Freddie Mac are offering several incentives for homebuyers ranging from 3.5% closing cost to rebate up to 30% on appliances and 2 years home warranty. Check with your Real Estate agent for more information.