Where can I found out what the best first time home buyer progam is?

Question

I am currently renting an apartment and looking to buy my first house. I understand that there are a lot of good first time home buyers programs available but am having a hard time finding out the details.

Answer 1

Lots of research my friend. Each state has many different programs available go to your state's web site and do your search for your state there. Here are some links from our research department on the general US Government programs available for assistance to home buyers.
HUD’s Local Home Buying Programs in each state. From State Governments:
http://www.hud.gov/buying/localbuying.cfm
Homes and properties being sold by the different departments in US Government:
http://www.hud.gov/homes/homesforsale.cfm
Fair Housing brochure: http://www.hud.gov/offices/fheo/FHLaws/FairHousingJan2002.pdf
FHA Rural Housing loan programs: http://www.rurdev.usda.gov/rhs/common/indiv_intro.htm
US Government Housing assistance grants all areas:
http://12.46.245.173/pls/portal30/catalo...
US Government Grants page: http://www.grants.gov/
US Federal Domestic Assistance catalog for all Federal Programs available to State & Local Governments & the Public
http://12.46.245.173/cfda/cfda.html
Department of Veteran Affairs – Home buying programs for Veterans:
http://www.homeloans.va.gov/veteran.htm
There are more but these should keep you busy till next month come back then and I'll give you more research links.
Buena Suerte

Answer 2

No, there's really not any special first-time home buyer's programs. It's all marketing.

There are some loan programs that are geared toward the first-time home buyer, but the rates are higher. Some loan programs like FHA are first-time buyer friendly, but you might qualify for a better program elsewhere. The best thing you can do is speak with an experienced and knowledgeable loan officer about your options.

Good luck.

Rick Lanicek
http://www.primelendingonline.com

Answer 3

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

This article gives you tips on negotiation:
http://biz.yahoo.com/brn/060909/19463.html

Articles about current market:
http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814

Answer 4

Right now is not the best time to buy becuz houses are so over priced that first time buyers are finding what you call: Payment shock. When u go from 500.00 to 2400.00 a month. So, when prices start to fall,... which they will and have,... first time buyers will have a variety of programs to choose from

Answer 5

Try the Fannie Mae Foundation. They do not offer mortgage products, but they have excellent referrals to all sorts of programs designed for first-time buyers. Good luck.