Does anyone know resources for first time homebuyer discounts/programs/deals?

Question

Hello,
As a potential first time homebuyer, I have heard there are a lot of deals/breaks/programs out there, but don't know where to go. Any information from any source(s) would be greatly appreciated. Thanks!!

Answer 1

I bought my first home through the Fanny May foundation ,Saved a lot of money . and a small down payment

Answer 2

FHA can be a good program for first-time buyers.

My husband got a good deal from our credit union as a first-time buyer where I couldn't because it was my 2nd house.

Most states have incentives for first-time buyers with lower interest rates or lower down payment requirements.

Check with a few different lenders and see what programs they're offering. I try to go with the local bank/credit union as they're more likely not to sell you loan to somewhere else.

I suggest you buy less than the banks say you can afford. I've found that you usually hemmorage money in the first year on all the things you don't realize you need to do or to buy.

Good luck and happy house hunting.

Answer 3

If you are a teacher, there are certain low interest loans that will be available to you. Also, other incentives may vary by state for a first-time home buyer. I will give you two pieces of advice, though.

1.) Forget about hiring a mortgage broker, go with a bank instead. The bank will only charge you a loan application fee, which is usually just the fee associated with the appraisal of the property that you want to buy. Also, if you decide not to do business with that bank, you're only out of the application fee.

A mortgage broker will charge you more, in most cases. Some will attempt to sue you for their fee, upwards of thousands of dollars, even if you decide not to do business with them. This happend to me and actually delayed construction of my house for several months while I battled it out with a mortgage broker.

2.) Always make sure you have a real estate attorney working for you. While I'm no big fan of lawyers either, it is in your best interest to have an attorney on your side when you purchase your home. Their fees won't be that much and they'll keep your best interests in mind, ensuring that you aren't taken for a ride.

3.) Okay, so I'll give you another tip, too. Check with your state Comptroller's office for information about incentive programs for first time buyers.

Answer 4

I found the free report at:
http://www.first-time-homebuyers-loans.com
to be very helpful. It provides 10 good tips that will help point you in the right direction. It is too big to copy the whole thing here, but it is free to get a copy.

I will agree that Countrywide has some very good programs for the First Time Homebuyer.

Good Luck,

Greg S.

Answer 5

Usually first time home buyer programs are crap and are geared towards people who have income or credit issues. The programs (mostly FHA) are more flexible with imperfect credit and allow the first time home buyer to put 3% down. I personally don't like these programs, but you can read about them and come to your own conclusion at:
http://www.hud.gov/fha/loans.cfm

Good luck

Regards

Answer 6

try Countrywide - they have many different loan programs and resources,