First time home buyer question ?

Question

Are there programs in Indiana that would help a first time home buyer get a discount of some sort if you're a teacher ? Granted I've already been preapproved but in light of my credit history it was a conventional loan 100% if that helps.

Answer 1

Doesn't Indiana have a State Teachers Association or Union? If so, that association should also have a credit union that has low interest loans for its members.

Answer 2

I don't understand what you want a discount on. You have a 100% loan approved, so you don't have to put any money down on your new home. You might have to pay some closing cost.

You might ask you lender or mortgage broker if the loan program allows the sellers to pay the closing cost, there fore you would
not have to come out of pocket for anything.

There are a few programs that some cities, counties and states that offer school teachers, firemen and police officers buying programs.

You should contact the human resources in the school district in which you teach as well as the housing departments of the county and city in which you reside. They will be able to tell you if they have programs and how to qualify for them.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Well, HUD has a program for teachers. I do not know if you would like all the terms though. You can get a 50% discount on the house. However, they choose the house for you and you have to live in it for at least 3 years as your primary residence or else you have to pay all the money.

http://www.hud.gov/offices/hsg/sfh/reo/goodn/gnndabot.cfm

Answer 4

Being a teacher doesn't make a difference. Being a first time home buyer does matter as there is often money at a lower interest rate for this situation.

Answer 5

look up the property laws