1st Time Home Buyer Tax Credit - Question 3: Can I Get Government Assistance to Buy My Home and Still Take the Credit?

If you are thinking about buying a home in Livingston Parish and are a first time homebuyer, there's some good news from the Economic Recoery bill receintly passed.

Two of the programs available to assist in purchasing a home are the rural development program (a federeal program) and Louisiana bond assistance. The rural development loan eliminates mortgage interest in yur monthly with a fee financed into the loan and gives a lower interest rate. The Louisiana LHFA bond can provide from 4% to 9% of the mortgage loan amount to be paid at closing to cover part of the down payment, closing costs, and prepaid items. There are income limits and home cost limits. And the program interest rates vary depending on which type of loan for which you quality. The HOME program gives a minimum of 4.5% and a lower interest rate. The assisted program gives 4% and a slightly higher interest rate. This program allows slightly lower credit scores than the present FHA lowiest limit of 620.

And even better news; you can use these programs and still get the $8000 1st time homebuyer tax credit if you close on an home BEFORE November 2009.