Although the program is over and there doesn't appear to be any extension or reinstatement of the First Time Homebuyer Tax Credit, there still may be some help out there for the first time buyer. Check with your state and local housing authorities to see if any incentive programs are available in your area. Many non-profit organizations also have information about what incentives may exist in your area.
These programs typically include help with closing costs, repairs, improvements, or property tax credits. In many cases, the buyer can combine funds from more than one program can significantly offset closing expenses.
Some examples in the Baltimore Area are:
Community Development Block Grant Program/CDBG's First Time Homebuyer Program This program can give qualified first time homebuyer(s) $5,000 toward down payment and settlement expenses.
Buying Into Baltimore This program is a joint venture of the City of Baltimore and the Live Baltimore Home Center. Neighborhood tours are scheduled in the spring and fall. The first 50 homebuyers that attend the trolley tour and execute a sales contract within 90 days of the fair receive a $3,000 award towards closing costs.
this program is designed to assist employees of the City of Baltimore to become homeowners within the city limits
Baltimore City Employee Homeownership Program This program offers $3,000 down payment and closing assistance with no annual income limits. An additional $750 is given for homes purchased in Healthy Neighborhoods target blocks.
Baltimore City Live Near Your Work Program This program is a partnership between participating employers and the City of Baltimore designed to encourage homeownership near place of employment. It offers $2,000 minimum grant or conditional grant ($1,000 from City of Baltimore, and $1,000 from employer) to be used toward down payment and closing assistance with no annual income limits.
These are just a few examples of programs to assists buyers. For more information and a comprehensive list of programs and incentives check out the Housing Authority of Baltimore City at http://www.baltimorehousing.org/ps_homeownership.asp