My fiance and I are looking to buy our first home. Her fried recently told her that she bought a home and received $14,000 since it was her first home. Let me know if you know of any programs that help firtst time homebuyers and what is the criteria?
2006-12-30 13:50:22 · 6 answers · asked by Michael H 1 in Business & Finance ➔ Personal Finance
There is one organization that I know of that helped a friend of mine with down payment assistance. It's called AmeriDream. I think it's worth reviewing their website. I don't know how much they helped her with or what criteria she met but she only put $500 down of her own money.
2006-12-30 13:53:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am not aware of anyplace that "gives" you money to buy a home. You have to pay back the ones I know of. I don't think it's a good idea. It's your home and you're going to be the one who gets all of the benefits so you should be the ones to pay for it. If the two of you work you should be able to save up a down payment in a couple of years. It makes more sense to do it that way rather than go into more debt.
2006-12-31 16:43:02 · answer #2 · answered by Big R 6 · 0⤊ 0⤋
Check out your local city or county or state office for low rate loans and grants. If you are a first time buyer, and not trying to purchase something way over your pay grade there are programs that will provide you with low rate loans and even partial grants for the down payment.
Good Luck
2006-12-30 23:46:53 · answer #3 · answered by Rocky C 2 · 0⤊ 0⤋
The only help I ever got was a lower down payment option and a lower interest rate. That was with WHEDA. FHA loans are good for first time buyers too. No one ever gave me money to buy a house.
My husband qualified for 100% financing and a lower interest rate at a credit union for his first house.
2006-12-30 23:43:21 · answer #4 · answered by parsonsel 6 · 0⤊ 0⤋
Talk to your banker. When we bought this house (our first), the bank had a program where they paid the down payment .... we had to agree to pay it back if we refinanced or at the end of our loan ....... but it enabled us to get into the house with no money down.
2006-12-30 21:59:53 · answer #5 · answered by Wisdomwoman 4 · 0⤊ 0⤋
see a realtor or a mortgage broker as they are more knowledgeable than you
2006-12-30 23:26:45 · answer #6 · answered by ekleinert 3 · 0⤊ 0⤋