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government grants for 1st time home buyers?
I heard from a friend that you can now receive a grant of some kind through the government if you are a first time home buyer. Is this true it is suppose to be used for a down payment on a home of 200k or below. Does anyone know anything about this?
1 Answer
- Howard LLv 71 decade agoFavorite Answer
It's not a grant, it's a loan. First time home buyers or those who have not owned a home during the past three years will get a $7,500 credit on next years taxes. You don't get a check now, you get a refund when you file next year either in the form of a $7500 reduction in the tax you owe or a refund check for $7500 if your taxes were less than $7500.
After two years you begin to pay the money back. Your taxes will increase $500 per year for 15 years. The government will have a lien on your house so if you sell your house in less than 15 years the government gets the remaining money you owe first.
