Buying
a home is exciting and stressful especially if you are a first time
home buyer. Finding the right home can be challenging but the biggest
challenge is financing it. You need to have enough money in the bank to
convince the lender you can make monthly payments on top of having
enough to cover the costs of closing the loan in order to obtain a
mortgage loan. Some home buyers search for available home buyer credits
to help fund the purchasing process. Here are a few options available:Mortgage Credit Certificate: MCC is available for first time home buyers in certain states and provides up to $8,000 in tax credits for those who have not owned a home in the previous three years, meet certain income criteria and will be using the new home as their permanent residence.
Good Neighbor Next Door Program: This program makes homes available for up to 50 percent off the listing price as long as the buyer agrees to live in the home for at least three years. HUD offers credits to school teachers, law enforcement officers, firefighters and emergency medical technicians who purchase single-family homes in areas targeted for revitalization.
Credits for Native American Buyers: HUD provides two programs for Native Americans who wish to buy a home. Native Americans are given access to sources to private mortgage financing to buy homes in Indian or Alaskan Native areas through the Indian Home Loan Guarantee Program. Members of Indian tribes who cannot qualify for mortgages through other sources can be guaranteed a loan through The Tribal Housing Activities Loan Guarantee Program.
The Federal Housing Authority has several other options to help reduce the burden of financing a
home for first time home buyers, single parents, minorities and people with moderate-low income.
If you're in the market to buy a home, contact your local real estate agent today.
Buying
a home is exciting and stressful especially if you are a first time
home buyer. Finding the right home can be challenging but the biggest
challenge is financing it. You need to have enough money in the bank to
convince the lender you can make monthly payments on top of having
enough to cover the costs of closing the loan in order to obtain a
mortgage loan. Some home buyers search for available home buyer credits
to help fund the purchasing process. Here are a few options available:Mortgage Credit Certificate: MCC is available for first time home buyers in certain states and provides up to $8,000 in tax credits for those who have not owned a home in the previous three years, meet certain income criteria and will be using the new home as their permanent residence.
Good Neighbor Next Door Program: This program makes homes available for up to 50 percent off the listing price as long as the buyer agrees to live in the home for at least three years. HUD offers credits to school teachers, law enforcement officers, firefighters and emergency medical technicians who purchase single-family homes in areas targeted for revitalization.
Credits for Native American Buyers: HUD provides two programs for Native Americans who wish to buy a home. Native Americans are given access to sources to private mortgage financing to buy homes in Indian or Alaskan Native areas through the Indian Home Loan Guarantee Program. Members of Indian tribes who cannot qualify for mortgages through other sources can be guaranteed a loan through The Tribal Housing Activities Loan Guarantee Program.
The Federal Housing Authority has several other options to help reduce the burden of financing a home for first time home buyers, single parents, minorities and people with moderate-low income.
If you're interested in buying a home, contact your local real estate agent today.
Buying
a home is exciting and stressful especially if you are a first time
home buyer. Finding the right home can be challenging but the biggest
challenge is financing it. You need to have enough money in the bank to
convince the lender you can make monthly payments on top of having
enough to cover the costs of closing the loan in order to obtain a
mortgage loan. Some home buyers search for available home buyer credits
to help fund the purchasing process. Here are a few options available:Mortgage Credit Certificate: MCC is available for first time home buyers in certain states and provides up to $8,000 in tax credits for those who have not owned a home in the previous three years, meet certain income criteria and will be using the new home as their permanent residence.
Good Neighbor Next Door Program: This program makes homes available for up to 50 percent off the listing price as long as the buyer agrees to live in the home for at least three years. HUD offers credits to school teachers, law enforcement officers, firefighters and emergency medical technicians who purchase single-family homes in areas targeted for revitalization.
Credits for Native American Buyers: HUD provides two programs for Native Americans who wish to buy a home. Native Americans are given access to sources to private mortgage financing to buy homes in Indian or Alaskan Native areas through the Indian Home Loan Guarantee Program. Members of Indian tribes who cannot qualify for mortgages through other sources can be guaranteed a loan through The Tribal Housing Activities Loan Guarantee Program.
The Federal Housing Authority has several other options to help reduce the burden of financing a home for first time home buyers, single parents, minorities and people with moderate-low income.
If you're interested in buying a home, contact your local real estate agent today.
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