Have you heard of this program, do you recommend it if I am buying my first home. What is the difference between this and just regular loans or whatever. I am new at this please help!
2006-06-19 06:35:07 · 3 answers · asked by pdanielleh 4 in Business & Finance ➔ Renting & Real Estate
I bought my first house with the help of a first time buyer program. I had to take one 2 hour course (free, all I had to do was show up & listen), and the county paid my down payment. It showed as a silent second mortgage. As long as I lived in the house, and did not refinance, I did not owe any money to the county. When I did refinance I had the option of paying that money back or making payments just like any other loan. I was able to close on that house for $300 out of pocket because of that program. As another poster said, there are many programs out there. Some will even offer very low interest loans to make improvements to your home after you move in. Your Realtor or mortgage broker should be able to steer you in the right direction as far as what programs you qualify for that are available in the area you are buying in.
2006-06-19 08:27:33 · answer #1 · answered by Sharingan 6 · 5⤊ 0⤋
I have looked a a lot of different "First Time Home Buyer" programs that have been offered by lenders or banks. The best one, is not provided by any lender or bank. The best ones that I have seen are the ones from the state. State bond programs will offer the first time home buyer a subsidized interest rate with very flex able down payments and closing cost financing. You have to obtain these from a bank or a lender, but that would be my suggestion. A lot of lenders will not offer this program with out the borrower asking for it (they don't make a lot of money off of them). So I would recommend that you research your state bond program and go from there. Hope this answers your questions. Contact me directly if you have any questions.
2006-06-19 08:17:51 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, first time homebuyers' programs can include lower to no money down payments, lower interest rates, easier qualification process. There are many differant ones out there by many differant lending institutions, my advice would be to shop around and ask questions.
2006-06-19 06:45:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋