The Rebuilding Ireland Home Loan was launched in February 2018.
The scheme allows County Councils to lend money to first time buyers who have already been refused a mortgage twice.
200 million euro was set aside for the programme to be lent over a three year period.
However despite only being launched last February, no more money is in the pot for further applications.
The Department of Housing says the Rebuilding Ireland Home Loan has proved more successful that anticipated and as a result a further tranche of funds would need to be borrowed from the Housing Finance Agency to enable it to continue.
It says it's currently in discussions with the Department of Finance to try work out an extension to the scheme.