No more first time homebuyers assistance programs!

Well, they changed the laws! There will no longer be any first time home buyers assistance programs after 10/01/2008! The popular programs through FHA were very highly utilized since 1999. Basically the buyer added the 3% down payment to the sales price and the seller paid it at closing. That way FHA had their 3% down, but the funds were simply being added to the cost of the home and financed. Government felt this was the cause of many foreclosures as the buyers were not actually placing any of their own funds into the home. So as of 10/01/2008 you will have to have a minimum of 3% down to qualify for a home! Big changes keep coming...
Will keep you posted. They did however add a tax credit for real estate taxes paid by a home owner even if that home owner doesn't itemize. As well, they added a tax credit (which is really only a loan) for any first time home buyer who buys a home during certain dates. The credit must be paid back over a long period of time. You can qualify for up to $7,500 in credits. Check with the IRS or your tax consultant for details!