The Streamline Loan program allows homeowners to refinance their properties without an appraisal or out-of-pocket expenses as long as they had a VA loan to begin with. At a time when mortgage rates are five percent or lower, many are opting to take advantage of this if they are planning on staying in their home.

"Many families are looking to upgrade their home after five years," said loan officer Donya Martin, who works in Lakewood with Bank of America Home Loans on 100th Street.

"Whether they need more space or just want a better property. There are also people who downsize to smaller homes, say after their kids move out," Martin said.

The newest IRS incentive was created for people in those situations. The repeat homebuyer credit entitles existing homeowners to a tax credit of up to 10 percent of the new home's purchase price, up to a maximum of $6,500, when they purchase a new primary residence between Nov. 6, 2009, and April 30, 2010. The homes also may be purchased by June 30 as long as a binding sales contract is signed by April 30. To qualify as a "move-up" homebuyer, the person must have owned and resided in the same home for at least five consecutive years out of the last eight years.

Though the rules are stringent, both credits have stipulations in place to help the military. Service members who are on orders or deployed for at least 90 days between Dec. 31, 2008, and May 1, 2010, get a year extension to apply for these credits. For them, the tax credit applies to sales with a binding sales contract in place on or before April 30, 2011, and closed by June 30, 2011.

"This is maybe the best time to buy a house in history," said Kris Shook, fellow loan officer. "It is a buyers' market; there are tax credits, and the rates are still low for now."

For those who are considering buying but are hesitant to take the plunge, the Bank of America branch also offers free, monthly home-buying seminars that address first-time buyers' concerns. Call (253) 512.0108 for a class schedule and details.