Where to Look For First Time Buyer Solutions in Your Area
By admin at 15 November, 2009, 6:54 pm
One of the things that no one tells you when dealing with first time home buyer programs is they are not all the same. In fact, though they can be similar in ways they can also be a lot different in others. The federal programs where you get credits on your federal tax returns or special deductions when adding energy saving appliances or other energy cost saving units, such as solar & tankless water heaters, are much the same though they may be distributed a tiny differently from state to state.
Like I stated above, credits are one way these programs work but there’s others that include grants, interest rate reductions, & down payment assistance & reduced income requirements. While I have seen several cases where these can work in conjunction with each other, most of the time, you can use only one program & you must be a first time homeowner, which means you have not owned a home within the last two years.
There’s also state & local housing initiatives for first time homeowners that can vary substantially from program to program & state to state. This is one reason you need to work with local realtors & mortgage brokers as they have to stay on top of these programs in order to service their clients adequately.
You will need to portray your situation thoroughly so the realtor or loan officer can help you get the best program that is obtainable. You may qualify for over one so you will need to have somebody give you the pluses & minuses of both in order to make a nice informed decision. I also recommend you speak with the representatives, sometimes referred to as a housing counselor, of the programs & get the specifics from them as well. It is always up to you to be responsible & know what is expected from you.
The only exception to this rule has to do with the tax credits for energy improvements. These can be a part of a new home or existing home. The best way to find out about those is to talk to your realtor or your accountant.
Protect yourself by working with competent professionals in your area & you should be able to get some help as a first time homeowner with the financing & find the home you need. It is all about being prepared & your realtor can help you set reasonable expectations to get the job done.
While some people start with a lender when looking for a new home the vast majority start with a realtor. I nice local realtor will be able to direct you to a competent & knowledgeable loan officer in the area who can help you get the most out of these programs. That loan officer will take some initial information & pull your credit to see what you can qualify for before you start looking for a house. There is nothing more depressing than finding the home of your dreams & then being told you cannot qualify for that home!
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