Can't Find A Grant

Hello, Ms. Lank! I am a first-time home buyer. I bought my house earlier this year. I have a few big projects that I would like to tackle, mainly a kitchen remodel. I had hoped to pull equity from my new home. But since the turn in the market, I doubt I will see any appreciation.

I am interested in finding other loan options. I am aware of the $7,500 income tax credit for first-time buyers. Unfortunately, I closed on April 8th of 2008, one day shy of the time period stated.

I am not sure where I can look for other options. I am hoping you can point me in the right direction! -- E.C.

Answer: Don't feel too bad about not receiving that $7,500 first-time buyer credit. For one thing, it's not a check for $7,500, but rather a lower income tax bill. Sure, that's better than a sharp stick in the eye, but it might not be a lot of immediate help with kitchen remodeling.

In addition, it's really an interest-free loan, not an outright gift. You'd repay it at the rate of $500 a year.

The direction I'd point you in right now is to forget about further borrowing. Enjoy your new house as is till things change. You'd be surprised how much a kitchen spruces up with just paint, better lighting or new cabinet hardware.

Horrible Realtor

Dear Ms. Lank: My Realtor is horrible! Neither I nor the buyer of our home wants to deal with her. Are we allowed to fire her and complete the transaction on our own? We are in the early stages with our buyer waiting for loan approval. -- Via e-mail

Answer: Talk with the managing broker in that office who is responsible for your agent's actions and needs to know how you feel. Perhaps another agent in that company can take over to guide you through the rest of the transaction. You may still need expert assistance before it's all over.