The Obama First Time Home Buyer Program Does NOT Give You Free Money Or Grants!
Misinformation is rampant on the Internet and a lot of people can be fooled into thinking something is available from the government when it is not. This has especially been the case during President Obama’s term as the number of people who are out to mislead you has skyrocketed.
You might have heard about the Obama first time home buyers program, the Making Home Affordable Program, the first time home buyer stimulus program, or some other variation of those words. Most importantly, you might have been lead to believe that the government and Obama is giving away free money and/or free grants for first time home buyers. That is FALSE!
You cannot and will not receive cash, grants, or money in your pocket for being a first time home buyer from President Obama or the US government. In other words, no one is going to pay you money to buy a home!
You might ask: but what about all the news stories and things you read on the Internet about Obama helping people avoid foreclosures, buy homes, and the free stimulus money for single parents buying homes? All those thing you hear are for tax credits and reduced interest on loans. They are programs that will help you get funding for a house but they won’t flat out give you money to buy one! A good place to go to get your question answered if you are a first time home buyer is here at the Hud.gov website.
The main thing to understand is that any state or government program is there to help assist you in getting a loan and understanding how to buy a home. That is all: they are not there to give you money even though some people make it sound that way.
There are lots of resources that you can use to get lower interest rates and secure the funding you need for your earnest money or down payment on a house. FHA loans for instance, is part of HUD and they have been around since 1934 helping prospective low income earners buy their first home. Be sure to explore the Hud.gov website and there are links there that will send you to every state so that you can read and learn more about what types of assistance might be available to you. Stick to websites that end in “.gov” so that you know that the information you are reading is genuine and real.
