SOUTH BEND — It's a federal incentive that is pumping new life into the housing market. Now some lawmakers want to extend the First-Time Home Buyer tax credit program.

The program was originally scheduled to run Jan. 1, 2009 – Nov. 30, 2009. In the first nine months, it has given tax breaks of up to 10 percent of the home price or $8,000 to about 1.4 million first-time home buyers across the country. Congressman Joe Donnelly (D- 2nd District) said Monday about 350,000 of those specifically bought because of the program.

Chuck and Sarah Lamphier are getting ready to celebrate their first wedding anniversary in October.

“We knew we wanted to own a home. We knew it was a good financial investment and something good for our family,” Chuck told WSBT.

Their plan was to wait at least a year before buying. But when they heard about the first-time home buyer program, it happened much more quickly than they anticipated.

“Stars sort of aligned for us and we decided instead of buying in a year; we were really going to start seriously looking,” said Sarah.

Chuck admitted the program almost sounded a little too good to be true.

The couple closed on their home in April.

Local Realtors say couples like the Lamphiers are a perfect example of how the First-Time Home Buyer program has been good for business.

“It’s huge. It is making a huge difference,” said Cressy and Everett Real Estate Agent Laurie LaDow. “We are moving houses every day. I personally am having a great year, better than last year.”

“The market has started to stabilize and has started to go up a little,” Donnelly said. “So it is a solid investment.”

Donnelly is one of several lawmakers supporting a bill that would extend the program's November deadline.

“It would create additional home purchases, additional jobs and be a strong component in the growth of our country,” he said.

But proponents of that legislation say there is not enough money in The American Recovery and Reinvestment Act to cover another six months of the program.

The Lamphiers filed their $8,000 tax credit under last year’s tax return and most of the money went right back to local businesses. The couple bought a couch and paid for landscaping in their yard.

The main requirement to be eligible for the First-Time Home Buyer program is to have either never owned a home, or it has to be at least three years since you've owned a home. As it stands, the program runs out in about 60 days.

You have to close on the home by November 30 to get the tax credit. Most real estate professionals recommend that buyers be in contract for a house 30 to 45 days before the deadline if they hope to close by then.