Grants for first time home buyers are available from foundations or the government. Like all grants, they are not something that the home buyer needs to worry about paying back. If you have a financial need and meet income guidelines, most grants should be available. As part of Obama's Stimulus Plan, The American Recovery and Reinvestment Act of 2009 gives a tax credit of up to $8,000 for
. qualified first-time home buyers purchasing a primary home between January 1, 2009 and December 1, 2009. In this case, a first time home buyers is someone who has not owned a home in the past three years. The good part about this tax credit is that it can be used as your down payment.
