The State of Missouri and the federal government are paying people to buy houses. Even if you've already moved in, you could still be eligible.

First time homebuyer incentives aren't new but H&R Block tax advisor John Carter says there's never been one quite like this.

“They can get a credit of up to $7,500 on this year's tax return," said Carter.

If you've purchased your home since April 19, 2008, be sure to ask your taxpreparer about it. The $7,500 credit is a tax-free loan that borrowers must pay back on their taxes -- $500 for the next 15 years.

“In today's economic environment, we've already had people come in and the idea of $7,500 is a good thing and the payback is not that bad.” said Carter

Of course, the downside is you don't get the $7,500 until you get your tax return, which Homebuilders Association of Greater Springfield Executive Officer Matt Morrow says presents a problem.

“They need that money at the front end to help with closing costs to help with down payments,” said Morrow.

That's why Missouri lawmakers adopted their own program, providing the $7,500 up front. First-time homebuyers can use it for closing costs and down payments, and then pay it back, interest free, when their get their tax credit from the federal program.

First time homeowners who bought their home between April 8, 2008, and July 1, 2009, are eligible for the incentives. And it's not just first time homebuyers. If you bought a home for the first time in three years, you may also qualify.

For more information, contact a lender or your tax professional.