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Old 03-17-2008, 08:55 AM
 
703 posts, read 2,618,383 times
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Aside from the Housing Opportunities Commission of Montgomery County, MD (Welcome to the Housing Opportunities Commission (http://www.hocmc.org/default.asp - broken link)), are there any other first-time home buyer programs available that you have used or would advocate for? My annual income is above the limit that the HOC allows so am trying to find another similar program. Thanks.
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Old 03-17-2008, 10:33 AM
 
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The first-Time Homebuyer programs are for those who need help not for those who have high income. You will have a hard time finding a first time buyer program with high income guildlines. Those programs are for those who make minimum wage to middle income to those who need assistant with Down Payment not for those who can afford Down payment and with high income.
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Old 03-17-2008, 10:41 AM
 
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But I do need help, my income is above the minimum for that program, but not by that much. I cannot afford downpayment because this is my first real job (post-grad school).
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Old 03-17-2008, 12:26 PM
 
9 posts, read 30,716 times
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Default first time homebuyer

I just bought my house back in Dec, I am a first time homebuyer. My loan officer got me a 10k grant towards closing and I make close to 89k and am single.. Great program and good company to deal with.


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Last edited by 7th generation; 03-19-2008 at 05:59 AM..
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Old 03-18-2008, 09:37 PM
 
Location: Stuck on the East Coast, hoping to head West
3,785 posts, read 9,201,833 times
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Several years ago, we used ACORN--a non profit for low/middle-income. It was a great experience for us. Here's the website ACORN Housing Corporation

Also, the office is in Baltimore, but they serve the whole MD area.
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Old 03-19-2008, 07:30 AM
 
703 posts, read 2,618,383 times
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bande1102, do you happen to know what the income limits are for the MD area? I tried searching on the site, but couldn't locate it. Thanks!
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Old 03-19-2008, 09:50 AM
 
250 posts, read 1,248,392 times
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Are you a member of any sort of AFL-CIO union or credit union? your personal/business affiliations may have opportunities you are not aware of!
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Old 03-19-2008, 01:52 PM
 
Location: Maryland
628 posts, read 825,916 times
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Try FHA. They have low downpayments and recently got an uptick in how much they are allowed to lend.
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Old 03-19-2008, 03:21 PM
 
Location: Stuck on the East Coast, hoping to head West
3,785 posts, read 9,201,833 times
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Quote:
Originally Posted by psychofan View Post
bande1102, do you happen to know what the income limits are for the MD area? I tried searching on the site, but couldn't locate it. Thanks!
No, unfortunately, I don't. We actually called and went down to the office in Baltimore for the preliminary interview. I think we had to take tax returns, W2s etc. When we did it, ACORN had a partnership with Bank of America and I think that we were able to put less than 20% down and got a 1/2 interest point reduction once we completed the program.

HTH and good luck
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Old 03-20-2008, 03:00 PM
 
162 posts, read 489,528 times
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Quote:
Originally Posted by Joykins View Post
Try FHA. They have low downpayments and recently got an uptick in how much they are allowed to lend.
FHA is 3% down and up to $714k now. I wish they would up the VA to $714k.
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