First Time Home Buyer Programs?

Question

Hi, I'm looking to buy my first house.  Probably a 30 year fixed.

My father keeps telling that government programs exist to help out first time buyers.

I did a quick search but couldn't really find anything.

Do such programs exist?  If so, where do I look for them at? Are they State? Federal? County?

Sorry if this is a lame question.  Thanks in advance for any help.  :oops:

N/A N/A · Answer

Thanks for the replies.

In my search I found http://www.grants.gov but I couldn't really find anything.  I'll keep searching though...

N/A N/A · Answer

First Time Homebuyer Programs:

Let me begin by conceding that in many cases, the term has been used to simply market loan programs without there being anything special for someone who is actually buying their first home. That being said, let me help you with some suggestions:

1) Sources of money for down-payment and/or closing costs for FTHB.

The first thing is that there are sources of funds for you that can be used with any loan program or with a specific list of loan programs. State, local and federal government sources exist for these funds and most have a household income maximum. If you make too much money, you may not qualify. A local real estate agent and/or mortgage loan officer will know about the local or state resources. Search for "down payment grant or gift" to use the internet.

2) Banks are required by the federal government to lend money to moderate and low income borrowers.

This means that there are specific loan programs through banks that provide really attractive terms for home buyers as long as they don't earn too much income. This tends to fit MOSTLY first timers but it is not exclusive to them. Call your bank or a mortgage loan officer in a bank for more information.

3) First Time Homebuyer Education classes and providers

This is easy to do an internet search for providers in your area. Call them and ask them what lenders they know of and/or endorse for loan programs catering to or specific to first-time homebuyers.

These 3 sources should give you a head start and a good overview of your best options.

good luck.

Joe Intonato · Answer

Johnjm22:

Give this site a try   www.mortgage-calculator.org  click on programs.

Good luck.

Joe Intonato
tcbgent@yahoo.com