I am 20 years old and have been told that owning is the way to go versus renting. Could someone explain to me how the 1st time buyer program works?
2007-02-02 21:52:04 · 4 answers · asked by Zai*My life 3 in Business & Finance ➔ Renting & Real Estate
Hunter is right about the HUD web site. It will be your most reliable source for information, as nobody is trying to sell you anything on that site.
Also, check out the Nehemiah downpayment assistance program. You can find information at www.getdownpayment.com. Nehemiah is a "charitable" program that can provide down payment assistance for some buyers. The IRS has moved to shut this type of program down, but for right now, it is a perfectly legit way to get some help purchasing your first home.
2007-02-03 00:42:45 · answer #1 · answered by CJKatl 4 · 0⤊ 0⤋
When you are a first time buyer you get tax relief from the department of Enviorment and revenue.. and also greater interest relief on your repayments as opposed to second time buyers..You do in Ireland anyway..
2007-02-03 05:56:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Visti the HUD website and read about the first time buyer programs available.
www.hud.gov
FHA financing is something to consider. Real all about it on the site above.
Best of luck,
2007-02-03 08:04:43 · answer #3 · answered by Anonymous · 2⤊ 0⤋
If you haven't had a mortgage in the last three years, you are considered a first-time homebuyer, for qualifying purposes.
However, there is no real advantage. First time homebuyer programs are nothing more than marketing schemes. I know because I've been in the mortgage business over five years.
Rick
http://www.fairwaymortgagelending.com
2007-02-03 06:01:56 · answer #4 · answered by Fearless Leader 4 · 0⤊ 2⤋