first time home buyer – owner loan

Kary Cambell asked:




There are some dreams that are out of reach but the one involving home ownership has recently been made more possible by the introduction of First Time Home Buyer Stimulus Programs directed by the U.S. government. Since buying a home is a significantly larger undertaking than say buying a car, it requires a lot of research. Whether you will be the only living in your home or whether it is for your entire family, if this is your first home you may qualify for a First Time Home Buyer stimulus program.

Another aspect of this program is that if you have not owned a home for three years you may also qualify for these programs. You should at least go through the application process because these programs were made available in both 2008 and 2009 so that people wishing to own a home might have another way of doing so.

Buying a home can be stressful so it’s important to do all you can do to accomplish this task as efficiently as possible. You need to do your research, finding a home in the area you desire, possibly within a convenient distance from school or work. Perhaps a scenic view is important to you or maybe you want easy access to a golf course. Whatever your wishes may be, the right home is going to be available at some point and if you have the time, you may as well use it to find exactly what you want. Another thing you may want to consider is whether or not you want a home that involves doing a lot of rehab. Do you want a fixer upper or do you want one that is ready to move into when the ink dries on your contract? Does the neighborhood have good lighting? Is it in a desirable area? These are some of the many questions that only you can answer. This part of your search can be fun and it is definitely a learning experience.

Find a home that you know you can afford and never let someone else convince you that your payment will be manageable if you know better. The larger the down payment, the lower your payment and you don’t want to be a slave to your house so that it becomes a burden. Are your outstanding debts a credit issue? If so, get them under control so your credit score is at a desirable level. The higher your credit score, the more apt you are to get the loan terms you want.

Your local bankers and mortgage brokers are wonderful sources of information when you are looking into available loan options. They will educate you and answer any questions you may have regarding ways to obtain financial assistance through government stimulus programs. In the First Time Home Buyer Stimulus Program you will find benefits such as lower interest rates, income tax credits, and down payment help. For disabled buyers a much lower interest rate may even be available so if that is your situation, apply for a loan. You basically have nothing to lose and you may be pleasantly surprised.

Remember that the First Time Home Buyer Stimulus Programs were created for you. Government officials know there are good, responsible people who long to be homeowners and who may not believe they will qualify for a first home. Buying a new or existing home is also a way to boost the economy and though that may not be your main focus, it is a desirable consequence.

Rita