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Hello all of you in City Data land. I'm looking into buying a home in the near future. So what are some good programs for first time home buyers? Anything you used to get a loan I'm all ears. I am finding my search to be a biy overwhelming. Thanks!
The realtors will tell you more, but just want to say I know a young couple who are buying usda and got the seller to pay for the closing costs. Add to that, the husband visits the house every day. The owner, who used it for storage of his collections rather than living, and his family have been cleaning it out, selling things, painting for the inspector, etc. The owner wife was an antigue dealer. Along the way, every few days the young buyer leaves with something they give him. Recently it was a bedroom set. There's just so much stuff combined with they feel they want to help the couple that are just starting out. So the young couple is very happy with that.
I would get connected with a good real estate agent, who will in turn set you up with a really good lender or mortgage broker who can go over your finances, and the options currently available to you and your area.
How's that for vague? Sorry.... so much depends on your situation and your locale.
First, go to a home buyers education class. $75 or so for a couple.
Second, get in touch with a good lender who can show you a variety of options. Find someone you are comfortable asking questions with. Then have them help you to make the best decision for you.
First, go to a home buyers education class. $75 or so for a couple.
Second, get in touch with a good lender who can show you a variety of options. Find someone you are comfortable asking questions with. Then have them help you to make the best decision for you.
Quoted from a website 'Some cities and counties in your state may offer first-time homebuyers the Mortgage Credit Certificate (MCC) which is a federal tax credit program for first-time homebuyers. Ask your local homebuyer education and counseling agency if it is available in your area.'
I mention this because we were eligible for this program when we got our first mortgage 14 yrs ago. Getting 20% of the mortgage interest back as a tax CREDIT in addition to the other 80% as a tax deduction was pretty sweet. Especially since our interest rate back then was 6+%. The income limit for this program was higher than I'd have expected-we were pretty solid middle class earners at that point. We were even able to carry over the MCC when we refinanced 5 yrs ago. No idea what the program looks like now, but I rarely see it mentioned. Not all lenders can process them, it might've added a couple hundred for the additional docs at closing.
Look into USDA loans, and FHA loans.
Get a good realtor to recommend z good mortgage broker.
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