There is an up to $7500 tax credit available on the purchase of a home if you are a new home buyer (that is, haven't owned a principle residence in the last 3 years). The tax credit is for 10% of the purchase price, up to $7500 and is available currently through June of '09. The credit does have to be repayed over time so it is more like a loan. It is a great opportunity however and you can read more about it at: http://www.federalhousingtaxcredit.com . It is a great time to be a buyer; low interest rates are available and plenty of inventory at affordable prices!
A current rebate exists for first time home buyers. It expires mid-2009. The local builders' association, Building Industry Association of Southeast Michigan, has a nice discussion of it on its website. See http://www.builders.org or http://www.nahb.org/timetobuy. In addition, Palazzolo Brothers, a Detroit Area builder, is offering to match the $7500 rebate. Check out Palazzolo Brothers' new subdivision River's Edge in Canton.