AUGUSTA, Ga.- Buying a home is likely the biggest investment you'll ever make. Now first-time buyers have some incentives to sign on the dotted line.

At both the state and Federal levels, the government is offering thousands of dollars to help offset the costs of buying a home.

Buyers can get up to $20,000 on a down payment for a brand new home or a $7,500 tax credit. It's a deal that sounds too good to be true. But it’s deals buyers will eventually have to pay back.

It's been a dream of Edward Compton to own his own home.

"I'm renting a trailer right now," said Edward Compton, first-time home buyer.

One home on Piedmont Street in South Augusta is the fifth house he's seen.

"This is a lot better than the ones I've seen so far," said Compton.

It's a process he says takes a lot of patience with many things to think about.

"Gas is so high. Grocery is so high. I stop and think because of my income, what other bills am I going to have," said Compton.

But this first-time home buyer is getting a big break. He's learned he qualifies for a $20,000 down payment assistance loan with the Georgia Dream Homeownership Program. Money that's loaned to first time buyers based on their income.

"The down payment assistant program is a second mortgage. No repayment required while you remain in the home. But when you sell, that money has to be paid back."

Also available to first-time buyers is a tax credit that you claim on your income tax return. The maximum you can get is $7,500.

Here's how you qualify: If you are single and make up to $75,000 or married with incomes up to $150,000 you can get the full tax credit.

Keep in mind, the tax credit is also an interest-free loan that must be repaid over a 15-year period or when you sell the house.

First-time home buyers need to take advantage of the deal before July 1st of next year.

A first-time home buyer, is someone who's never owned a home or hasn't purchased a home in the past three years.