We continue our month long series on Housing Hope with a look into first time home buyers.

 There are at least a dozen programs out there for first time home buyers to take advantage of but many aren't. Simply because they don't know what's offered.

"One of the most common mis-conceptions is that a first time home buyer is someone who has never owned a house at all. But under most programs it's someone who's not owned a home in the last 3 years." said Countrywide Manager of H.L.C. Sales Wayne Pharries.

Which is good news for many. Pharries says most of the first time home buyers programs help with closing costs and down payments. Because having the money upfront is usually the problem buyers face.

"But if they realize how much help is out there from federal programs, including Wichita Falls they might be more willing to go out and find a house." said Pharries.

To receive help from any program, Pharries says you must first qualify for a loan. Most of the programs also have income caps and are designed for lower to middle income families. Including the one offered by the City of Wichita Falls.

"They will loan you $5,000 toward your down payment and closing cost as long as you stay in the house the loan is forgiven. They want you to live in the house for 5 years."

And the loan is forgiven because 20% of the loan amount is knocked off for every year you stay in the house. Income qualifications for this loan are based on family size and the condition of the house for sale.

 "They can basically buy a house cheaper then they can rent a house. Because if they rent they put up a deposit but if they buy a house the city picks up the tab."

There are also a multitude of state programs for middle and higher income families including the homes for Texas Heroes Program.

"It's for firefighters prison guards police men, anyone in that type of work."

But buyers many of these loans and grants have set time frames on how long you must live in the house.

"They don't want people to use this program to buy home, even if they move in, to fix it up, selling it and flip it to make money on it."

Ultimately Pharries says the goal is to put people and keep people in homes they can live in.

Not only are first time home buyers programs good for house hunters but they also help stabilize the economy.  Studies show home owners stay in their jobs longer.

Keep kids in same schools and show that most young people who buy a home will never rent again.

Next Wednesday Housing Hopes will take a look at buying a foreclosed home and how good of a deal it really is.