Me and my fiance are looking to buy a home here in NYC. Needless to say, we need some help! I am doing a lot of grant and loan research for first time homebuyers, but am LOST!!!
If someone can give me some idea of where to start, any good terms I need to look up, what is the best loan to get? Also, any information on grant hunting would be GREATLY appreciated!
THANKS SO MUCH IN ADVANCE!
2007-03-18 17:38:24 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
HUD has some programs for what are called "blighted" areas. Go to the www.hud.gov website to learn more. HUD doesn't issue you the money directly, it is administered through local housing agencies and you must apply and be approved by the agencies.
Many lenders offer "first time homebuyer" loans. That can vary from someting like a quarter point of interest deduction to no closing costs.
Check out www.naca.com They have some agreements with lenders and I think they are listed on their website. Go to their free homebuying workshops and educate yourself about the homebuying process. Good luck, you can own a home!
2007-03-18 17:45:39 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The best route for all first time home buyers is to hire a mortgage broker that will get you an FHA loan. Then hire a realtor to assist you in all the paper work and negotiations. First time home owners are always in for ALOT of stress and headaches, that can some of the time can be smoothed out be a good realtor working with a good broker. I wish you the best of luck and that your dream comes true.
2007-03-18 17:48:48 · answer #2 · answered by carpenterslavemoney 5 · 0⤊ 0⤋
A grant is money that doesn't have to be paid back. There are grants that will help qualified applicants with downpayment assistance (sometimes as much as 10% of the house). For instance, a $200,000 house will cost you $180,000 if the Seller agrees with the process.
Call a local mortgage broker or ask a friend or associate to refer someone who assisted them in their home purchase process.
2007-03-18 22:18:26 · answer #3 · answered by Venita Peyton 6 · 0⤊ 0⤋
On rare occasion , the community you live in may be offering grants for areas they wish to rebuild.
Check with your local government .
The ones I saw were totally unrealistic with lots of applicants and one grant for a woman with 4 kids.
Loans are just that , loans . . . ask your bank to do a pre-qualification letter for you. They are free and then you know how much loan you can qualify for.
2007-03-18 17:45:24 · answer #4 · answered by kate 7 · 0⤊ 0⤋
i'm a splash perplexed. you're saying you have a homebuyers very own loan and supply yet your place is paid off? in case you have fairness on your place and your credit is sturdy you will get a house fairness very own loan. merely be advantageous which you would be able to have adequate money the added money.
2016-10-19 01:25:00 · answer #5 · answered by archuletta 4 · 0⤊ 0⤋
what you can do go to the bank you have an account with and ask them for a loan and first check their intrest rate..which if you have good credit history shouldnt be bad..always check other banks to compare the intrest rates
2007-03-18 17:48:52 · answer #6 · answered by Sultan 1 · 0⤊ 0⤋