Looking to buy a house, in either pa or de, which has a better 1st time buyers program?

Asked by Cristy Lentz, Wallingford, PA Wed Aug 20, 2008

Looking in Delaware County, PA, as well as Wilimington and Claymont, DE. I know that income tax in DE is 5.5% as opposed to in PA at 1.5%. I just want to know where to best put my money.

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Ryan Myers, Agent, West Chester, PA
Tue Sep 30, 2008
Congratulations on deciding to buy a house, this is a great market to do so. As for where here is what DE offers/ did offer;
Government Grants for first time home buyers, make up the second type of down payment assistance. They have no seller conditions or contribution requirements. The only requirement to satisfy government assistance housing guidelines is that your family income must meet the stipulated minimum, which varies according to the number of your dependents and the median income for the area in which you intend to purchase
Typical Disqualifications:
• Excessive Income
• Default on a Government Loan
• Tax Liens
• Bankruptcy discharge not 24 months old
• Unpaid Child Support
• Prior Foreclosure
• The Home Buyer has owned a home within the last three years
Charity Down Payment Assistance Programs the democratic lead congress and the democratic lead senate passed legislation which was signed by President Bush eliminating seller assisted down payment assistance opportunities effective September 30, 2008. This elimination of Seller Funded assistance was packaged by your representatives within a foreclosure bailout legislation
PA has some programs as well and with everything going on with the Mortgage market it is easier to take a few minuites on the phone with a PA lender to see what is the best option.

Also keep in mind buying this year you can take advantage of the 7500.00 tax credit on April's Tax Return

Hope this helps a little....Ryan
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