Is a down payment assistance only for low income folks or can any first time homebuyer qualify for the grants

Answer 1

Depends on where you live and what housing costs are. 3 years ago I qualified for a first time homeowner program. I had $40k in income that year. Because we are in a high cost area, I think anyone earning up to $75K at the time would have qualified.

If you are actually to the point where you are serious about buying, consult an independent mortgage broker and ask them to check into if you qualify for these programs. When I went in, I had 2 I wanted my mortgage broker to check into, but they had exhausted their funding for the year. She found me a state program that gave me a 30 year fixed interest rate 1% below current market rate, plus downpayment assistance.

Answer 2

Any First Time Home buyer can get it.

Http://www.ameridream.com

http://www.nehemiahcorp.org

It greatly depends if you need help with closing cost, (The seller could do Seller Help toward your closing cost). If that is the case, I normally tell my clients NOT to hackle over the price, since you are asking for closing cost help - especially if the home is thru a realtor, and the seller has to pay the realtor their fee which runs from 3-6 percent of the selling price, and you ask for 3-5 percent toward closing cost -assistance) Follow me so far?? You may find a For Sale By Owner, they are sometimes more willing to help you with closing cost(s) associated with your loan, since there is no realtor fees.

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out