| For most people, buying a home is the ultimate | | | | market, it helps builders and buyers. The grant is |
| dream come true. A home is someplace you can call | | | | available on a first-come first-serve basis with a total |
| your own and design to fit your family's needs. | | | | of about 1600 estimated available to take advantage |
| However, owning a home can seem out of reach for | | | | of the help. The grant is available to anyone buying a |
| those who save but never seem to have enough for | | | | new home, not just first-time home buyers. You |
| a large down payment. Fortunately, there are | | | | must use a 30-year fixed mortgage and meet |
| programs that can help you achieve your dream. | | | | income requirements of less than $75,000 per person |
| Government Tax Credit | | | | or $150,000 per couple. |
| The government is offering tax credits up to $8000 | | | | FHA Loans |
| for first-time home buyers buying a home in 2009. | | | | These loans are perfect for first-time home buyers |
| Unlike the previous tax credit in 2008, the credit | | | | because the loans are insured by the government, |
| doesn't have to be repaid if you stay in the home | | | | which can offer a lower interest rate from a lender |
| more than three years. | | | | even if you don't have good credit. These loans only |
| Government Down Payment Assistance | | | | require a 3.5% down payment rather than the usual |
| Most states, counties, or cities offer some form of | | | | 20%. To further help home buyers, the down |
| down payment assistance. Some of these programs | | | | payment can come from a family member, employer, |
| are grants, which don't require you to pay them | | | | or charitable organization as a gift. Since these loans |
| back. They usually have an income limit, home price | | | | are designed to help those who may otherwise be |
| limit, credit history requirement, first-time home buyer | | | | unable to afford a home, FHA mortgage limits are |
| requirement and may require you to live in the home | | | | set on the price of the home, which varies with each |
| for a certain period of time. However, most of the | | | | region. |
| government assisted down payment plans are | | | | Previous Down Payment Programs |
| offered as non-interest loans and would work as a | | | | Previously, sellers could fund part of the down |
| second mortgage on your home that you would | | | | payment for first-time home buyers through |
| have to repay when the home is sold or refinanced. | | | | intermediary charitable companies. In 2008 President |
| Many states or counties will offer a larger down | | | | Bush passed H.R. 3221 into law which became |
| payment if you live in a less populated area in the | | | | effective October 1, 2008, abolishing seller-funded |
| country. Look at your state's government website to | | | | down payment assistance programs (DPA) such as |
| find out if you qualify. | | | | Ameridream and Nehemiah. Currently these types of |
| If you live in Utah, a new bill passed in March 2009 | | | | programs are not available to first-time homebuyers, |
| offers a grant up to $6000 for any buyer who | | | | however, these companies are working to get them |
| purchases a new construction house that has never | | | | re-approved so you may want to look into them if |
| been lived in. With so many new homes sitting on the | | | | you are buying in the future. |