I'm looking to buy a house for the 1st time and just a few days ago I was told that theres no more free money,

Asked by Linda, Philadelphia, PA Mon Feb 2, 2009

no more 1st time buyers program anymore, then the realtor told me I would need a good $5-$6,000 in my account, someone help, is it true no more grant money???????

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Chris & Step…, Agent, Philadelphia, PA
Tue Feb 3, 2009

I did hear the City grant money has been terminated.

However the state bond program is still available if you qualify for it. That is $2,000. And FHA still allows up to a 6 percent sellers assist. Your down payment would need to be 3.5 percent. That is a great program !

Also, there is the $7,500 first time homebuyer tax credit. Visit our site at http://www.thesomersteam.com for more info that .

If you have questions, you can contact us through our site or thesomersteam@yahoo.com .
Web Reference:  http://www.thesomersteam.com
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Jason Ewing, Agent, High Point, NC
Mon Feb 2, 2009

I know that a lot of funding programs, grants and guaranteed loan programs have run out of money. You should check with a mortgage lender in your area that will be up to speed on the local availability of funds. There might still be some down payment assistance available with your city, county or state. As a first time home buyer you are still elligable to receive the $7500 tax credit, as long as you buy before July 1, 2009. Check out more information on http://www.realtor.org/buyers_and_sellers.

Jason Ewing, GRI/CNS
Coldwell Banker Triad, Realtors
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