first time home buyer – owner loan

February 22, 2011

Government Grants For First Time Home Buyers

Filed under: Finance — Tags: , , , , , , , , , , , , , , — admin @ 2:31 am
Austin Warty asked:




With the billions of dollars in free grant money that the government is giving away, government grants for first time home buyers can also be obtained. These programs can help you with your down payment, reduce your mortgage interest rate, and even assist with your closing costs on the purchase of your new home. You just need to ask for it.

While a significant portion of these grants are provided for low income housing and those facing financial hardship, there are plenty of grant programs for those who aren’t necessarily having a hard time financially. For example, you can find grants for first time home buyers who are purchasing a new home in developing areas.

The grants that are available to you today vary from state to state. Each state, county and even city have different programs, so you will have to do a little bit of homework. But anyone who is purchasing a home for the first time should not overlook this option when it comes to financing their purchase. This is free money for you that you may never have to pay back.

By knocking a couple percentage points off your mortgage rate, you could save hundreds of thousands of dollars over the life of the loan.

All you need to do is ask for the assistance in order to receive this money. In some cases you have to find and apply for these programs yourself, where as others may be found just by asking your lender if there are any special programs available for first time home buyers. While they may be obligated to tell you, they may not always be so willing to give up that information. After all, your lender makes money off the size of the loan they sell you.

Willie

September 18, 2010

First Time Home Buyer Loans Made Easy

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 12:30 pm
Paul Jesse asked:




When it comes to firsttime home buyer loans, a little research can save you thousands of dollars over the life of your mortgage.

A wise consumer selects a mortgage lender prior to shopping for a home. You see, firsttime home buyer loans can end up costing you a lot more than you bargained for if you shop for your home first.

What often happens is you fall in love with a beautiful home that is on the outside range of what you can afford. And because you have invested interest in this particular piece of real estate you’re more inclined to go into a loan situation you can ill afford.

To make sure you can realistically afford your mortgage payments, it’s best to understand all the potential costs upfront before you fall in love with that dream home that is really outside your financial comfort zone.

It will take some research and comparison shopping in order to find both the best lender and the best in first time home buyer loans.

The loan package best suited to your needs will offer you terms you can handle now and in future. It’s important when looking for firsttime home buyer loans you take into account your future plans. For instance, are you planning on starting a family? If so, it’s important to consider the potential reduction in your family finances if you or you spouse decides to take some time off to raise the child(ren).

Further, if you have poor credit, you’ll be required to pay a higher rate of interest than those who have a good credit rating.

When it comes to first time home buyer loans, the amount of your down payment will also be taken into account when your interest rate is calculated. Think of it this way, the larger the down payment, the better the interest rate. So, before locking yourself into one of the firsttime home buyer loans currently on the marketplace, you’ll want to consider the advantages of contributing a decent down payment. This will keep both your interest rate and your payments much more reasonable.

Among the options for first time home buyer loans are variable rate and fixed rate mortgages. The first fluctuates over the course of your mortgage and the later keeps payments the same.

Another factor to consider is your debt to income ratio. In other words, the amount of money you bring in opposed to the amount that goes out. When determining your debt to income ratio you must take things like car payments, student loans and credit card balances into account.

There are programs available to assist firsttime home buyers in obtaining a loan. Talk to your lender and do some research of your own to discover the best option for you.

Remember, when shopping for first time home buyer loans no question is stupid. It’s very important that you understand the ins and outs of any mortgage loan prior to signing on the dotted line.

Anita

June 7, 2010

5 First Time Home Buyer Mistakes To Avoid

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 9:40 am
John Anghelache asked:




Shopping for your first home can be an exciting experience.

On the other hand, if you don’t know what you’re doing, it could be a costly experience that haunts you for years to come. In this brief article we’ll discuss some of the mistakes a first time home buyer is likely to make.

Mistake #1: Shopping For A Home The Wrong Way

With the advent of the Internet, a first time home buyer might think everything they need is online. That’s just not true. While the Internet does provide good information, there is no substitute for driving potential neighborhoods. Don’t rely on fancy pictures of houses. Or descriptions of property written by experienced sales agents. Instead, get in your car and drive around the areas you want to buy in. The best times to drive a neighborhood is between 5 pm and 7 pm. That’s when everyone is home and you get to see how the area and the people who live there really are.

Mistake #2: Working With The Wrong Agent

Real estate agents have one agenda: To sell houses. They make their money by bringing buyers and sellers together. Commission-hungry agents can sometimes overstate the merits of a house. You want to work with an agent who prefers to represent buyers. These types of agents – known as “Buyer’s Agents” – have a fiduciary responsibility to serve you the buyer. The seller’s agent works for the seller. By law, they can not be on your side. So make sure you get your own representation.

Mistake #3: Not Getting A Home Inspection

A professional home inspection can save you thousands of dollars. A first time home buyer I know decided to forego hiring a home inspection company. After closing on the deal a bunch of problems crept up. For instance: the shower drain caused a leak into an adjacent room. The furnace was so old it was spewing out carbon dioxide. These two problems alone – which could have been detected by a home inspector – cost over $5,000 to repair.

Mistake #5: Negotiating The Wrong Way

When it comes to getting the best deal on the market, you must know the seller’s situation. You will not get a steal from a seller who is not motivated. But a seller that is going through some hardship that requires they sell will be more likely to negotiate price and terms. The other factor to getting a great deal is knowing what kind of market you’re in. In a “buyer’s market” you’ll do well. In a “seller’s market” you probably won’t. So do your homework and find out the conditions in your market. Then, once you find a home you like, try to find out the seller’s situation before you negotiate. Otherwise, you might end up losing the house you fall in love with to someone else who did their homework.

There are a couple of other things to keep in mind. Financing is a key issue. Make sure you get pre-approved before looking for a house. Clean up your credit report before you see a lender to get the lowest rate possible. And remember: Start early in the process so you never feel pressured into anything.

Courtney

October 20, 2009

Help for First Time Home Buyers

Filed under: Loans — Tags: , , , , , , , , , , , , , , — admin @ 7:37 am
Primoz Borovnik asked:


Therefore if you want to wear shoes while relaxing on a bean bag, then you are free to do so. For many first time home buyers, this is the vision that they have of owning a new house. However that vision can often be obstructed by the payment of fees and monthly installments. Fortunately, qualified buyers may now apply for government grants to cushion the costs.

Although it is not available nationwide, many states offer reasonable government grant packages to qualified individuals. These grants can consist in thousands of dollars of your payments which is more than enough to decide in favor of buying a house. A particularly good grant will even cushion monthly installment payments if you are good enough to qualify.

When applying, simply go to the city hall or the nearest relevant office to acquire the necessary forms. Make sure that you fill out the fields and questions truthfully, accurately, and wisely. Investigative teams are formed by the government to verify the truthfulness of your allegations and to check whether or not you are truly qualified. The government only gives grant packages to the most qualified of individuals. If your answers reflect dishonesty, then you might as well kiss the grant goodbye.

When writing your grant application, make sure that it is appealing and that it stands out. If you need help in constructing the best scenario or ground for the grant, then simply browse through the internet. There are a lot of good sites that offer helpful tips and information on writing the best grant.



Daniel

June 4, 2009

Cash Grants for First Time Home Buyers

Filed under: Non Fiction — Tags: , , , , , , , , , , , , , , — admin @ 3:31 am
Greg Roy asked:


When was the last time somebody credible offered you thousands of dollars in free money? For most of us, that just doesn’t happen every day, or ever at all, for that matter.

However, if you are considering purchasing your first home, there are very credible sources that genuinely do want to give you thousands of dollars in free money.

Those sources are state and federal agencies, and the thousands of dollars of free money available comes to you in the form of a cash grant to help you buy your first home.

It is no secret that saving for a down payment and closing costs is the largest obstacle that first time home buyers must conquer. For millions of Americans, this obstacle is one that is nearly impossible to over come. After paying monthly rent, utilities, food, insurance, car payments, (as well as the high price of gasoline), clothing, phone bills, day care for the children, and many more recurring monthly bills, there is virtually no money left to set aside to save for a down payment for a future first home.

The federal as well as state governments recognize this situation and have created special programs for the very purpose of giving away money to help people in need buy their first home.

A reasonable person might assume that as soon as the money is available at the respective agencies, it is completely given away within hours, if not, days. It seems entirely logical that on the day the money becomes available hundreds and hundreds of people would line up just as fans do on the day that U2 concert tickets go on sale.

A reasonable person would be wrong.

Each year, the majority of state agencies do not completely exhaust their funding. For fiscal year 2006, only two states had requests in excess of their budget and ran out of money in their programs. For the first time home buyer, this is very good news. It means that there is currently money available to help you buy your first home.

The primary reason that the funding isn’t exhausted every year is that the programs are not widely advertised. There are 3 ways you can learn about these programs: you can buy the information, you can contact your state representative, or you can go to a website that provides all the information for free.

Whatever method you choose, you stand to gain thousands of dollars in free cash assistance towards the purchase of your first home. Choose one method and take action. Today could be one of those very rare days that a credible source offers you thousands of dollars in free cash.



Jean

March 26, 2009

First Time Home Buyers Grant

Filed under: Real Estate — Tags: , , , , , , , , , , , , , , — admin @ 6:19 pm
Austin Warty asked:


Wondering where to get your first time home buyers grant? This is money that as an American citizen you can claim in order to help you with the purchase of your new home. It doesn’t matter if you have good credit or bad credit, a high income or a low income. As long as you are at least 18 years old and a US citizen, you can submit a grant application and potentially receive thousands of dollars in free money through a first time home buyers grant program.

First time home buyer grants are typically provided by local and state governments as a way to encourage people to purchase real estate. Especially in a down or stagnant real estate market, the government tends to provide many advantages to those who are willing to purchase a new home. This money can often be used as a down payment fund on your new house, it may be used for closing costs, and many times you can even use the money to rehabilitate or improve your new home.

Once obtained, your first time home buyers grant will never have to be paid back. That’s what makes them uniquely different from loans. As long as you use the money for the purpose the grant terms required, then you get to use the money and never pay it back.

Just search the grant database for the hundreds of grants that are available to American citizens, and submit your application. If you see multiple grants that you qualify for, it’s okay to ask for multiple grants. There’s no limit on the number of grants you can apply for and receive.

Click to Get First Time Home Buyer Grants

Mary
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