Many first-time home buyers are not aware that there are several sources that will assist with a down payment. The government offers several solutions to assist with the purchase of a home that is only available to those who have not owned a property in the last three years.
Government bonds and Grant programs differ, but some provide monetary grants in the form of a forgivable loan. However, everyone knows there is no such thing as free money. The loan is typically due if, and when, you sell that home.
For more information, or to see if you qualify, google “down payment assistance” followed by your city and state.
Another form of assistance that the government is offering is in the form of a $7500 tax credit. Simply put, once all income, exemptions, deductions, etc have been totaled for the year, you can then subtract a maximum of $7500. But again, we know nothing in life is truly free. This tax credit must be repaid over a 15 year period. There is no interest charged, and the most you would be responsible for repaying is $502.50/year. There are restrictions based on income and sales price of the house.
Many first-time home buyers don’t take advantage of the assistance that is available. Do your homework, you might be pleasantly surprised by what you find.
For more information and buyer resources, visit www.MakeNoMistakes.com.
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