Profile picture for hobbes1983

First time home buyer - Credits grants or anything??

Hello,

I'm a first time home buyer who just put an offer on a condo.  I'm told there were or are federal programs that offer incentives for people in my situation.  Yet, i can't seem to find them.  I know in 2010 Obama did something like this but that's ended... ?

I was sent an email by a family member saying 8000 down payment grant...

Thanks for any info! If any...
  • March 16 - Town of Madison
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Answers (7)

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Profile picture for Brian French
Sounds like the Downpayment Plus Program - $8,000 towards down payment and closing cost

You must have at least $1,000 of your own funds
You must participate in homebuyer and financial literacy counseling
You must live in house as your primary residence
The property must be in Wis or IL
  • March 16
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Profile picture for hobbes1983
Thanks all and Brian, that sounds like it!

I'll check it out.

Thanks again
  • March 16
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I am not aware of anything incentives from the government at this point.  I reside in PA.
  • March 16
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The language in your question sounds very much like the first time home buyer credit which no longer exists. I am also not aware of any federal monies. Some lenders work with grants and some don't. You need to have a conversation quickly with your loan officer as if you have an offer on the table you now have a timeline to be concerned about which may not allow you time to switch lenders.
  • March 16
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Profile picture for wetdawgs
@ Caroline:    The OP wrote "I'm a first time home buyer who just put an offer on a condo.

You wrote "Unless you already have a specific property in mind,...."    Is it not possible that if the poster has put in an offer they have a specific property in mind? 

  • March 16
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Since some of the information you have may be dated it would benefit you to speak with a mortgage broker to see what incentives exist for you today. Unless you already have a specific property in mind, only then getting all your financing options together should you begin your search for a home. Much success.
  • March 16
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Profile picture for wetdawgs
You are right, there were federal tax programs for first time home buyers a few years ago.   There aren't any longer.

In some states or communities there are down payment assistance programs.   Check your community to see if there are programs you qualify for, but as you've already put in an offer you will need to jump fast and work with your lender.

  • March 16
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