Friday, April 19, 2013
First Time Home Buyer Assistance - Can the Seller Contribute?
first time home buyer assistance programs such as the AmeriDream and Nehemiah were extremely popular over the last several years. They were popular because the down payment provided to the buyer was considered a gift that didn't have to be paid back and it covered the entire down payment amount.
Unfortunately, for whatever reason, these first time home buyer assistance programs were put to rest on October 1, 2008. Whether they will be revived is yet to be seen.
So what are the first time home buyer options? If you're a police officer, fireman or a teacher there are programs designed specifically for you such as HUD's (Dept of Housing and Urban Development) Good Neighbor Next Door program. If you are not in one of these professions you can check with your local lender to see what other programs or state grants are available.
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