There are still many programs available for first time buyers! Here are some things to think about:
1. Most programs have some income guidelines. If your income is low enough you will not only benefit by the lower interest rate, but also will be eligible for grant money to help with downpayment and closing costs. In Philadelphia, for example a single buyer can earn almost $50,000 and be eligible for at least $2000 in grant money and a reduced interest rate. The income limit goes up as more people occupy the dwelling. If you are purchasing in the suburbs, the income limits are slightly lower but are still good.
2. The city also has some other grant money which could be used based upon what neighborhood you choose, type of home, etc.
3. Surrounding counties have similar programs, many of which are specific to certain townships or geographic areas.
4. Sometimes you can combine State and Local funding for a grand slam. Also, when using State money you will get discounted closing costs, title insurance and other fees.
This is a wonderful time for you to take advantage of low interest rates, a possible $7500 tax credit and grant money. Get out there and start the process by getting your pre-approval by a reputable lender who is approved to do state programs. Most mortgage "Brokers" are not approved for this type of financing. Would you like to learn more???