I live in Gaitherburg, Maryland, I am a single mother who is looking to purchase a property, are there any programs that helps low income people buy their first home?
Thanks,
Sandra
2007-06-04 07:31:40 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
There are several options for you to choose from. Currently, fannie mae and freddie mac (government backed lenders) have mycommunity mortgage programs. These programs are for the borrowers who make less than the median income in your area, and could qualify them for a lower interest rate.
Also, for first time homebuyers, you can qualify for the same program, but at a slightly higher rate if you make more than roughly 60k per year.
There are also programs for teachers, neighborhood champions (police, fire-fighters, emt's).
So as you can see, your options are many. Whether you call a bank or a broker, ask for a "my community mortgage"
2007-06-04 08:43:07 · answer #1 · answered by Robbie G 2 · 0⤊ 0⤋
Where I live in New Mexico, there is a government program that goes by your income and helps you purchase a home. Payments are real low. The name is called Rural Development. Check with your county housing authority and they can point you in the right direction.
2007-06-04 14:53:01 · answer #2 · answered by belen2499 5 · 0⤊ 0⤋
Find a good independent mortgage broker.
When I bought my first home, I found several programs on the internet from my city and county. However my broker found me a better one offered by my state.
2007-06-04 14:35:33 · answer #3 · answered by Uncle Pennybags 7 · 0⤊ 0⤋