First time buyer. What type of loan? Any government help ? (real estate, FHA) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

21mike · 05-20-2009, 09:11 AM

I'm currently looking at purchasing my first home. The house I'm looking at is only 100k. My fiancee and myself net about 55k a year right now.

Are there any government grants or programs that would help us purchase our first home ?

Also, what type of loans should I be looking at to make our monthly payments the LOWEST right now. Should I even consider a VA loan ??

thechappells · 05-20-2009, 09:35 AM

have you looked into any of your state's FTHB programs? Do you qualify for the VA loan guarantee? Go to VA.GOV for more info.

21mike · 05-20-2009, 10:04 AM

good info thanks. I just checked out the NH website about the FTMH programs. I am going to work on puting a grant application together. $4,000 will definitely help, since the money I save can then go back into the house

What about that federal program that gives FTHB like $8k ? what is the 8k usable on?

Also, how open are most real estate agents to accepting a VA loan ? The agent selling the house I'm looking at now has said that he wants to stay with a conventional loan due to VA and FHA loans taking FOREVER.....

The entire VA loan thing is totaly a mindjob... The government makes EVERYTHING so freaking complicated. How are you sapposed to make any sence of it all ? Like, whats the max % of your income that your alloud to have a mortage payment for ?

thechappells · 05-20-2009, 10:53 AM

a lot of your questions have been answered on this forum on previous occasions. you may want to use the "search" feature (on the navigation bar) to help you weed out your answers.

the "entire VA loan thing" isn't "totaly a mindjob." take your time and read thru it ( hompage (http://http://www.homeloans.va.gov/index.htm - broken link) pre-loan FAQs (http://http://www.homeloans.va.gov/faqpreln.htm - broken link)). it's pretty straightforward and will answer some of your questions (specifically, applying for your VA eligibility certification--if you do qualify "am i eligible (http://http://www.homeloans.va.gov/elig2.htm - broken link)?"). there is an 800 number you can call if you'd like to speak to a VA rep, as well. that's also on the website, but i'll let you navigate that yourself.

cheers!