First time home buyer programs (San Antonio, Anton: real estate, mortgage broker, lenders)

[guyd78]

My wife and I have decided to purchase a house now that we have decided to stay in San Antonio for the long-term.

We were looking at First Time Home Buyer Programs, but there are a lot out there. What local lenders should I stick with, if we go this route, based on what you've heard/experienced?

You can PM me if you like.

Thanks

[kevcrawford]

Speaking to a broker is going to be the best route. There are a lot of programs out there, but some of them seem much better than they really are. A good broker will be able to show you the pros/cons of all of them.

[shenane]

The nehemia program seems interesting. I sold a house and paied the buyer almost 6% in closing costs, down payment assistance and fees. It's not just for first time buyers though.
Also the IDP (individual development program) seems great if you don't have much household income. Your savings is matched 4-1 (up to 4K) if you use the money for a house, school or business. You can google any one of these. The IDP program in on the sanantonio.gov webpage.

Don't you have to pay a mortgage broker a % of the price of the house. If that is the case, I wouln't use one. I wouldn't only rely on this board either but I would do some internet research - backed by books from the library. And magazines and newspapers. The Sunday real estate section has a bunch of good stuff. And I'm sure your buyer's agent can be a helpful resource.
What ever you do, make sure you get a fixed rate mortgage. None that interest only stuff.

Good luck!