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for First Time HomeBuyers
is considered a first time homebuyer?
it would be someone who has never purchased a home before, but
it could also refer to an individual or married couple that has
not owned a primary residence in the last three years.
of these home buyer's assistance programs may
also benefit people who are not first time
home buyers. Take a look and see if they might help you.
NOTE: The information presented
here may be inaccurate or out of date. Program policies can change.
Do not make any decisions solely on the information presented
here. It is strongly urged that you contact these departments
or agencies for current details and clarifications.
are several sources of assistance:
agencies can offer special loan programs to low and moderate income
home buyers. They can be found at the state level. Many have programs
that will help the homebuyer with down payment
and closing cost assistance.
market interest rates
benefits (may vary)
out your states agency by calling
National Council of State Housing Agencies at:
visit the NCSHA Web site at http://www.ncsha.org/housing-help
your state, and click on the links referring to home buyers.
(The Federal Housing Association) Loans
FHA Loan Advantages:
FHA pretty much insures the mortgage for the bank, resulting in it
being easier to qualify for the mortgage than a regular loan even
if your credit is not perfect.
3.5% Down Payment:
FHA’s down payment can be as low as 3.5% , which is obviously
easier to acquire than the 5% or higher down payment that is common
with other loans.
flexible money source:
Unlike other loans, the down payment money for FHA can come from an
employer, family member, or charitable organization as a gift.
just for a single family house:
You can use a FHA insured loan to purchase a new or existing:
unit family home
housing unit (as long as it is on a permanent foundation).
More information can be found at the source. FHA is
administered under the Department of Housing & Urban Development
& here is the link to FHA information: http://www.hud.gov/buying/loans.cfm
is a link to FHA approved lenders: http://www.hud.gov/ll/code/llslcrit.cfm
(Remember, FHA insures, but does not originate the loan. You would have
to shop around)
can call HUD for more information on FHA, Monday through
Friday, 8am-8pm, EST at:
Toll free: (800) CALL-FHA or
TDD: (877) TDD-2HUD (877) 833-2483.
call for advice, at: (800) 569-4287
Advice is also available at the HUD approved housing counseling agencies
that can be found through this link: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm