Buying a home for the first time can be intimidating. Many first time home buyers are in need of help. They don't know where to begin. Fortunately, there are many sources of help to provide assistance for many people. Help for first time buyers is everywhere. The informed buyer just needs to know where to look. Careful examination of potential sources of help can make it easier than ever for each home buyer to get the home they've always wanted.
One of the biggest problems that many buyers face when buying a home for the first time is the need to pay all sorts of funds. A home buyer will be charged all sorts of fees as they buy a home. This includes the money needed to pay a down payment for the home. It also include money for other expenses that may be incurred such as the money needed to pay for various kinds of closing costs associated with home buying. Luckily, there is help for all sorts of home buying expenses.
California residents are often pleasantly pleased to find out the kinds of resources available to meet their personal needs. For example, the California Housing Finance Agency (CalFHA) is a large program that is dedicated to the needs of home buyers in the state. They have many kinds of programs that are about providing for the specific needs of new home buyers. One of the most important is the MyHome Assistance Program. This program offers what is known as a "silent" loan. The loan can be used for up to three and a half percent of the home's ultimate purchase price. This kind of loan is called a silent loan because it is a secondary loan that does not involve interest or any kind of payments that the homeowner must provide to the lender until they sell the home. The payment may also become due if the homeowner chooses to refinance or they pay off the loan entirely.
Help For Specific Professions
In many cases, there are specific instances in which a specific profession may qualify for certain help. For example, the Extra Credit Teacher Purchase Program is a program that is a silent loan that is intended for those in teaching profession. Borrowers may quality for a loan of this kind up to three and a half percent of the loan amount in total. The total should not exceed seventy five hundred dollars or fifteen thousand dollars areas with higher housing costs. If the teacher can remain in the home for three years, the entire amount of the loan is totally forgiven so it can also act like a grant.
The Feds Can Help
Homeowners everywhere can benefit from a federally supported mortgage credit certificate. This is intended to help first-time buyers by allowing them a federal tax credit that applies to the interest that is paid on a mortgage. The credit is a dollar for dollar direct reduction in the person's total tax liability that cannot be refunded. The credit can is roughly equal to about fifteen percent of the mortgage the homeowner pays and thus reduces their overall costs of home ownership, making it easier for the homeowner to afford the house.
A Mortgage Credit
Another possibility is a program known as a mortgage credit certificate. This is designed to be used to allow the buyer to purchase either a new or existing home on the market. The buyer can also purchase a condominium or townhouse. All homeowners can quality with a purchase price up to $899,522. Residents of San Francisco, for example, can benefit by buying a home in specific target areas where the government wants to encourage new economic growth. Couples can qualify if they have an income up to $147,600. Another option is help from the The National Homebuyers Fund, Inc. They offer important financial help that buyers can tap into that allows them to get up to five percent of the down payment price in specific areas of the country. First time home buyers can benefit from this program but the program is also open to others who have bought a home in a specific area of the country.
The struggling people in the world now have an opportunity to have a cell phone for emergencies. The Lifeline Assistance is a special governmental program that offers a phone and some minutes to those who qualify....Read More