First time homebuyers may now be able to get grant money from the government if they qualify. Grants are available for people who are purchasing their first home between January 1 and December 1 of 2009. The grant can be as high as $8000. This is great news for people trying to buy their first home in the midst of an economic downturn.

What people might not know is that you really don’t have to be a first time homebuyer in order to qualify for the grant. According to the government, you cannot have owned a home in the three years prior to purchasing a new home. Technically you could have owned a home in the past, just not recently. The only limitation is that if you have not owned a home but your spouse has, you will not be able to apply for this program if you are purchasing the home together. If you are not married, but buying a home together, the person who is the first time buyer can apply for the grant. This rule might also apply to parents who are buying a home with their child.

How much money can a homeowner expect to get from the government if they qualify for the First Time Buyer Stimulus Program? Generally you can expect to receive 10% off the purchase price up to $8000. This can be credited towards your income taxes or if you have overpaid your taxes, you might get a tax refund. You can use this money in any way you want, you can use it to make improvements to your house, pay down your mortgage or take a great holiday. It is your money and you can decide where you want to spend it.

It is too bad that more people are not aware of the free government money that they can get. They just need to know where to look. Don’t be one of these people; get your government grant money!