I am currently trying to purchase my first home. I have found one local assistance program for first time home buyers that I am enrolled in, although I have heard that there are a number of other grants/programs out there.

I went to grants.gov as well as HUD sites and Homes and Community sites. They are all very hard to navigate and I really haven’t got anywhere after hours spent online.

Does anyone out there know of sites or better yet phone numbers I could call? Any help will be greatly appreciated!

My boyfriend and I just closed on a home purchase together. We want to file an amended tax return for the first time home buyers tax credit.

How would we go about both filing an amended tax return? I know we need to use a specific form to amend and a certain form for the first time home buyers tax credit, but do we need to mail them in together, or just separately?

Thanks in advance for all helpful advice.

I’ve been searching to find the best information on what government grants are right for me and the best way to recieve them.

I recently went to a NGC (National Grants Conference) and I wasn’t comfortable giving them a thousand dollars just to give me information on how to get a government grant.

I know this is not an easy process, but I just want to know what would be the best way for me to find a grant that would be right for me and the best way to get that grant for a first time home buyer?

Any suggestions would be great, thank you.

I’m preparing to purchase my first home but have not found a mortgage agent yet.

Is there any advice on government programs for first time buyers? I’m looking for the best advice to save money on a mortgage.

Does anyone have any advice on how to buy smart when dealing with real estate agents?

Any tricks on how to deal with them. I really want to avoid getting taken of advantage of.

Your advice is really appreciated! Thanks!

The Canadian Federal government recently announced changes to the rules for home buyers seeking a mortgage.

The maximum amortization length of a mortgage has been reduced from 35 to 30 years and the financing limit reduced from 90 to 85 percent of appraised home value. These changes become effective March 18, 2011.

In addition, lines of credit based on home value will no longer be backed by government insurance as previously provided by the Canada Mortgage and Housing Corporation (CMHC). These announced changes become effective one month later, on April 18, 2011.

How the Mortgage Changes Affect Canadian Home Buyers

Most families or individuals seeking to purchase a new home in Canada will likely not be affected by the government policy changes.

Those that are financially stable, can provide a minimum of 20 percent down for a home purchase and have a manageable debt load will observe no negative effects.

However, there is concern for those who wish to leverage their home equity to the maximum by obtaining the highest possible financing limit, the longest mortgage period, and/or use a home-based line of credit.

Even though it was, but no longer possible, it is unwise to do so and can be potentially financially dangerous.

The primary reason for this is due to the possibility of prime interest rates increasing.

Why the Canadian Government has Changed the Mortgage Rules

The government is acting on the behalf of all Canadian citizens wishing to purchase homes as well as anticipating a possible domino effect that could occur to the financial system for multiple reasons.

First, it is entirely possible that the prime lending rate as set by the Bank of Canada could rise by several percentage points over a period of time.

This action could place highly leveraged borrowers at risk of defaulting on their home loans or mortgages.

The Canadian government does not wish to see a recurrence of the mortgage based financial problems experienced by the United States in the past recent years.

To quote the Finance Minister of Canada, Jim Flaherty,

“We want to caution Canadians that we will not facilitate excessive debt assumption by some Canadians at very low interest rates because that will lead to trouble in the medium and longer term.”

Secondly, it is no secret that Canadian household debt levels have risen considerably over the past several years and are a cause for concern. They are approaching U.S. levels and a significant portion of debt is related to mortgages.

Lastly and some good news is that the action by the Canadian government to change the mortgage rules is likely to be seen by the Bank of Canada as a positive action to control excessive spending and reduce the likelihood of an increase in interest rates.

realestatemarketingthisweek.com – $8,000 tax credit for first time home buyers with low down payment – Part 3 – We have back in the studio today Mr. Dan Havey.

Dan and I have worked together in the mortgage industry for about 14 years and we are happy to have him back. He has seen a lot of changes in the market and thanks again for being here.

Michael, here is a question I wanted to ask you, there is so much misconception in the marketplace today as far as what is still available for financing. I think a lot of people have this idea that it is impossible to finance a loan or get a mortgage or that you have to be able to put 20% down or have a 720 FICO score.

Can you let people know whats really going on out there? Well you know a lot of things have gone away. There are a lot of those old loan programs that were fancy ways to sell money and finance real property and a lot of thats gone.

The reality of it is, if a person has a minimal amount of money down, there is absolutely financing through the Federal Housing Administration with 3.5% down. You can buy up to about 8000 with only 3.5% down.

Now with Fannie Mae and Freddie Mac, we actually do have a few investors that will allow us to only put 5% down with those and that loan amount maximum is 7000. So there is still plenty of financing for primary residences.

Who is it better to talk to about getting our first mortgage. A bank or mortgage broker?

Thanks in advance for all helpful advice.

To get a first time home buyers grant, you will need to first contact your local government development program and complete the grant application.

Once completed, take the paperwork to a mortgage lender and use the grant to help with the house down payment. Find out the terms of a home buyers grant with advice from amortgage specialist in this free video on real estate.

Expert: Stetson Lowe Contact: stetsonlowe.typepad.com Bio: Stetson Lowe is a credit repair expert. Known as the “mortgage insider,” Lowe assists increasing credit scores for the most challenging of clients. Filmmaker: Paul Kersey

I know that no one could possibly know for sure but I am just wondering what others think.

Do you think that the first time home buyers credit will continue to go on through 2010 and 2011?

Just curious on what people think will happen over the next 1-2 years.

What do you think the housing market will be like in 2011 better or worse? Looking for thoughts and views.

Thanks!