About Incentives for First-Time Home Buyers

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Incentives available to first-time home buyers include programs that offer down-payment loans, which are forgiven after a certain time period, and tax credits given to first-time buyers. Apply for first-time home buyer assistance programs with tips from a mortgage broker in this free video on home loans.

Part of the Video Series: Home Equity Loans & Foreclosures
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Video Transcript

Hi this is Matt McKillen with Innovative Financial Group. The question posed to me today is what type of incentives are out there for first time home buyers? Well there's a couple of options available for first time home buyers as far as an incentive. One of the programs available is usually a down payment assistance program. If you meet certain income requirements and it's usually a funded program through either the county or the city that you live in, but they're looking to promote home ownership and a lot of times they'll actually gift you a down payment, well it's basically a loan that's forgiven after 10 years that you don't have to make payments on but I've had some of my clients qualify for up to 10, 15,000 dollars towards purchasing a property as a first time buyer and as long as they stay in the property for X amount of years, it never has to be repaid. So that's one of the incentives as a first time home buyer. Another incentive for first time home buyers is that through the stimulus act passed by president Bush last year, there were certain tax credits given out for someone that purchased a home FHA so between the tax incentives that are out there and again the down payment assistance programs that are out there to promote home ownership, these are a couple of examples of incentives that are available for first time home buyers. Again my name is Matt McKillen, I'm with Innovative Financial Group.

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