how does a first time home buyers program work?

Answer 1

There are many first time home buyer programs out there.

Most states offer programs for first time buyers that include grants or assistance toward downpayment and/or closing costs or even a discounted loan interest rate. Many of these programs require the person to go to a first time home buying seminar (usually free of charge) before being accepted.

Some programs are also offered to those with less than perfect credit or low to moderate income buyers.

Check out the links below to learn more.

Answer 2

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Answer 3

There are a TON of first time home buyer programs in my area. The main benefit is the low or no money down component and they typically have an attractive interest rate if your credit is good. If you can avoid FHA, please do, the process is longer, there are additional criteria that your house has to meet which is picky.

The goal is to get people just starting out an opportunity for home ownership.

Answer 4

I agree. It depends on the program. Most include down-payment assistance, a conservative loan product (mostly fixed 30 year mortgages) and home-buyer counseling (to educate the home buyer on the home buying process and what to expect once they purchase a home...helps avoid consumers getting in over their head and going into foreclosure).

P.S. I went through a 1st time buyers program and had a good experience (except that my realtor turned out to be a complete fruit bat).

Answer 5

It all depends on where you live, and what is offered. In my particular state, first time home buyer programs don't exist. In some states, an interest free loan is given to you to assist with closing costs and even partial downpayments. You will have to check with a lender in your area. They will be familiar with the programs offered where you live.

Answer 6

I bought my firs home 2 years ago when i was 23, I was looking into that option and they have these classes and junk to go thorugh. Buying a home is bad enought. Let alone having more hoops to jump through. You can get similar loans at the actual bank. I went to a frew mortage place and they just rip people off. I got my loan through Wachovia. It's an FHA Loan. Low intrest. Its not through Chase home finance. Pretty much tell them what you want and what you want to pay and they can find one for you. I saved big on insurance too. All state was 2200 for my house Tower hill was 711! Thats a big difference in monthly payment. When you buy your home apply for homestead ASAP. Its may take 6 months to a year to go through then send the new projected tax info to you escrow servie, itll help on monthly payments.

GOOD Luck!!!!
They looked down on me because at the time I was a single 23 year old female :(


PS. All I needed was 6,000 to pay off some stuff of the loan. small closing cost. No downpayment!

Answer 7

Who is familiar with if there will be any first time property proprietor courses 2 years from now. If there is not any checklist of homeownership (deduction of interest) on your tax return for the final 2 years and/or in case you have not owned a house for over 2 years you may qualify for a HUD/FHA first time shopper software or as a cosigner not living interior the valuables or receiving earnings from that property you may high quality for a everyday time shopper software.

Answer 8

It normally can assist in closing costs and enable you to receive a low interest rate than normally given.

If you are in a state i'm licensed in, I would love to help. Even if it's not a state i'm licensed in, I know a huge network of lenders.

Answer 9

It all depeneds on what program you choose. But usually you can get down payment assistance

Answer 10

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