Damian Sofsian asked:




Eventually, everything boils down to owning that house that you have been dreaming of. You have tried and have become tired of living in apartments, in condominiums, in rental homes, and in your parents’ living room. However, you still crave and long for that structure that would be under your name and that you can call your home. And if luck prevails, you may own the home that you have been dreaming of.

One of the things that helps out first-time home buyers are first-time home buyer programs. These programs have been designed to assist people who are engaging in buying a home for the first time. Also, they have been designed to assist low-income families or to interest first-time home buyers. These types of programs assist those people who are in dire need of help when it comes to purchasing a home.

One of the tips that these first-time home buyer programs give to interested parties is that every buyer should be able to take full advantage of the various programs for first-time home buyers, because these can greatly assist them in obtaining lower interest rates. Most of these groups that provide first-time home buyer programs are generally aware of the situations that different types of interested parties have. That is the reason why these groups have also considered these situations and have provided various kinds of assistance for people with different needs.

Knowledge of how these first-time buyer programs work could prove to be an essential tool in taking advantage of them. Further information could be gathered through the Internet, or people could also get in touch with these groups that provide first-time buyer programs.

Irene

Kevin Sandridge asked:




The more you become familiar with the home-buying process, the more easily you can purchase the home of your dreams. For example, the major strain that the Florida first-time home buyer can save is the expenses in down payment. There are numerous programs available for first-time home buyers. All of them are briefed in this article here. We really would love to make the process of home buying a pleasant experience for you.

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Simon Volkov asked:




A variety of first time home buyer programs exist offering financing options, down payment assistance and tax incentives to individuals purchasing real estate for the first time. In order to receive house buying benefits, applicants must meet eligibility requirements. First time buyers should conduct online research or consult with a real estate advisor to determine which program is best suited for their needs.

Popular first time home buyer programs include Fannie Mae financing, FHA loans, VA loans and various programs offered through HUD. Home buyers might also be eligible for the Worker, Homeownership and Business Assistance Act which provides an $8000 first time home buyer tax credit toward real estate purchased by April 30, 2010. The Recovery Act also grants up to $6500 in tax credits to homeowners that have resided in their home for a minimum of five years and ready to move into a higher priced property.

Fannie Mae engages in first time home buying programs and mortgage refinancing. One of the more popular home buying programs is Home Path

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Wade McGuinn asked:


Buying your first home is likely the largest single purchase you have ever considered, which is why first time home buyers help is necessary. Because of the cost and significance, it is important to understand all of the details surrounding the potential purchase. From finding a realtor or builder to choosing the best mortgage to coming up with the funds necessary to make the purchase, the process may take some research and work on your part, but the result is owning your first home—one of the most important and rewarding investments of your lifetime.

Below are three tips to take you from dreaming about your first home to experiencing the reality of your first home purchase:

1.    Determine if you qualify for special loans or grants. First time home buyers have the unique opportunity to benefit from special programs and incentives, such as significant tax credits, low-interest-rate loans and event government grants. Whether you are able to find a program that cushions your monthly mortgage payment or helps you to pay a chunk off the purchase price of a home, it is worth the time and effort to fully research all options. Simple Internet research may help you to learn more about the opportunities available to you, or you can call a trusted mortgage consultant who specializes in first time home buyer programs.

2.    To buy or to build? For some first time home buyers, building is a great option. Now more than ever, builders and construction companies understand that customers need a great value if they are going to build. Rather than searching for months and months for that perfect house, consider meeting with a new home builder to determine if a custom townhome or home is right for your housing goals and budget. Imagine the excitement of choosing the features and design of your very own home!

3.    Organize your finances. Making sure your bills and finances are in order helps you to be ready to provide the paperwork necessary to close the sale on your new home. If you have been unorganized in the past, now is the time to get a grip on the mass of bills, files and paperwork stuffed into the file cabinet. The last thing you want is to be ready to move forward on the purchase of the home of your dreams, only to find your financial records are a mess and you have to get it together before you can take the next step.  

As a first time home buyer, this is a special time in your life—a milestone that can be a great moment to remember for years to come. However, it is important to go into the process of purchasing or building a home with thoughtful consideration and research, so you fully understand the process and details involved. Don’t be afraid to ask questions and interview experts, such as mortgage consultants, financial advisors, home builders or even a wise relative to obtain the first time home buyers help you need to make the best decision for your future.



Cynthia

mbreasia asked:


I am looking to purchase a home in the next few months. Does anybody know of any first time home buyer programs, that offer grants?
I live philadelphia county, and that is where I will be looking.

Ruby

Jeff Ragan asked:


So, you want to buy a home. I congratulate you. Now, you need to know what first time home buyer programs are right for you. Where do we begin?

Let’s get down to the basics. First you want to have your credit file in order. By this I mean, no collections or late payments in the last 2 years.

Assuming this is the case, you can begin shopping around for some first time home buyer programs. There are plenty out there. But, for the sake of time and space in this article, I’m going to share with you two options. FHA and VA.

Once you get a feel for these two programs, you will have the knowledge to talk the talk and walk the walk. There are others programs however.

FHA FIRST TIME HOME BUYER PROGRAMS

Now, hands down the FHA is one of the best first time home buyer programs. Why? It has relaxed credit standards over the conventional loan and also has a low down payment feature.

First let’s talk about the credit requirements. In the past FHA would let you buy a home without any credit score at all. Now they seem to be requesting a score around 620. This is still lower than a conventional loan which requires 700 and above.

A credit file is not all that hard to build if you do not have one. Talk with a large national lender about this. Look for a loan officer that has years of experience with FHA home loans. He/she can give you some ideas.

When it comes to a down payment, FHA since 1934 has offered this 3% low down payment option. This makes it possible for you, the first time home buyer to get into a home with very little money.

In fact, the down payment can even be a gift from a relative or charity. I’ve written other articles about down payment assistance, which are awesome when you see how they work. You can in effect buy a house with no money down.

FHA loans do have MIP or a mortgage insurance premium of 1.75% of the loan amount. You have to pay this up front at the loan closing. This amount is added onto your original mortgage amount. So it increases your payment by about .55% of the loan amount until you pay off the mortgage.

If you ever go to sell a house that has FHA mortgage insurance on it, or pay off the loan early you may be entitled to a refund of this insurance premium. Check with your lender about this.

VA FIRST TIME HOME BUYER PROGRAMS

Now the VA loan program is even better. However, you must be a veteran to take advantage of these first time home buyer programs.

When it comes to credit, the VA loan works much the same way as the FHA home loan. So I’m not going to spend much time on this. VA loans may allow a little bit lower credit score.

With the VA home loan, the down payment and MIP is a horse of a different color.

VA loans require NO DOWN PAYMENT. Yes they are 100% financing. Again this is a benefit for veterans only.

The mortgage insurance premium is another reason the VA loan is for first time home buyers. They do not have any MIP to be paid. HUD guarantees the loan 100%. However, there is a VA Funding fee which could range from 0-3% of the loan amount. If the veteran is injured in combat and can have this documented by the VA, then it is 0% funding fee.

So unlike the FHA loan which your loan amount and payment increases slightly, with a VA loan the payment amount does not increase, but the loan amount may increase because of the funding fee.

This is the best loan option if you ask me.

Let me tell you a brief story about a VA loan I did several years ago. There was this really nice couple with one child that wanted to buy a home.

They came to me for a mortgage. After talking with them I learned he was a veteran. When I discussed the benefits of a VA loan they got excited.

He was an injured Vet and had the paperwork to prove it. He had been permanently injured in the face because of shrapnel.

So a long story made short, they bought a house for $97,000 with no money down and no VA funding fee. If I recall the maximum out of pocket he put into the deal was less than $600.

Now they are buying a home for less than what they were paying in rent. Again, what VA offers is one of the greatest of all first time home buyer programs.

Explore all your options when looking for a mortgage. Ask questions of your loan officer. Be sure to get your education first, then go looking.



Gina

Eden asked:


Not on any mortgages, but has been listed on the title on a home. Can you get into some first time buyer programs. yes, its less than three years.

Ana

jjohnson5677 asked:


My wife and I live in California and have to do a stated income loan because we both work for tips for a living. We both have credit scores above 750. Our loan officer said that first time home buyer programs are only for buyers that go full doc. Does anybody know of any local or federal government grants or buyer programs for stated income first time home buyers?

Gene

kajemarine15 asked:


Does anyone know if you can get a VA home loan as your mortgage and then apply for and use federal/state/local first time home buyer grant money for the down payment? I know there are a lot of first time home buyer programs out there, but which ones can you combine with a VA home loan?

Donald

gdubchicago asked:


Can anyone give me specific information regarding first-time home buyer programs in Illinois?

Bryan