Time is running out for a stimulus incentive many call "Cash for Clunkers" for homes. It gives first-time home buyers money from the government.

The deadline isn't until November 30th, but that's the last day a new homebuyer would have to close on the home. Getting a mortgage and closing on a home is a lengthy process that can take up to a month. So to those who are interested, now is the time to take advantage of this offer.

"We're still seeing an increase in phone calls. We actually have a lone closing tomorrow that is a first time home buyer and they are purchasing this specifically because of this tax credit," said Vice President Of Marketing Services At Union Square Credit Union Ralph Dunkelberg. 

The First-Time Home Buyer tax credit is part of the American Recovery and Reinvestment Act. It started in January, but  Dunkelberg says it didn't start to catch on in Texoma until about June or July.

"I can not think of a better time for a person or couple to purchase house. Especially if you haven't owned in three years... The interest rates are low, and good local lender and great tax credit it's a win win," He said.

Even if you're not buying a home for the first time you may still qualify because as long as you or your spouse hasn't owned a principal residence within three years you're still eligible.

Most first time home buyers are young adults looking to pay less. But this tax credit is not just for them. If you are a single taxpayer and have an income up to 75 thousand dollars or a couple of up to 150 thousand you can still qualify.

"In Wichita Falls that covers about 95 percent of available home purchases," Dunkelberg said.

The tax credit is ten percent of the purchase up to a maximum of $8,000. It does not have to be repaid and if any is left it will roll over to the following year.

"If you're thinking about buying a home and taking advantage get with your realtor now and get out and find a house, make an offer and let us do your loan and help with this tax credit," Dunkelberg said.