First Time Home Buyer Mortgage Loans And Lenders

Izvor: KiWi

Usually when you think of house rules your mind wanders to those cute little signs and sentimental poems. Well the house rules I am talking about are a little more serious. These deal with keeping you, your family and your possessions safe. This is especially important to first time home buyers who may not realize some of safety's finer points. Not only will these house rules keep you all safe they can save you from costly repairs.

Supporters of the Save Our Homes Amendment contend that it allows long term residents with a fixed income to be able to afford to stay in their homes without being driven out by tax increases as their property value increases. Detractors argue that it creates an unfair system of taxation in which first time home buyers, new residents, seasonal residents, and businesses are burdened with more than their share of taxes while homesteaders are trapped in their own homes, often unable to move without doubling their tax rate.

First time home buyers down payment assistance possibilities have multiplied in recent years in order to stimulate the economy. There are usually grants available for low to moderate incomes for first time home buyers. Talk to your mortgage rep about what you may qualify for. You may also want to consider the time-honored first time home buyers down payment assistance program: Mom and Dad. Many parents figure their children will inherit the money eventually, they might as well get it while it helps them stay out of PMI and other costs. Bring it up as a possibility with your parents by offering to borrow the money at an interest rate of say 6%. That's a decent rate of return for them, and saves you 6% (see above). Just be sure to sign a promissory note and set your online banking to automatically pay your parents every month until you are done with the loan. A simple amortization table you can download online will help you make it work.

Different government agencies handle first time home buyer grant applications in different ways. Depending on the funds grated in your area, there are different amounts of money available. Search a current grant directory to find out what first time homebuyer grants are available to you. You can also research the process of submitting an application.

The Federal Housing Administration’s government mortgage program is the best option right now for many first time home buyers not only because of the easy qualifications but also the refinancing. They can ride the wave of easier homeownership while it is available by the FHA then refinance later once their LTV is lower. Some first time home buyers may even be choosing FHA loans to make it easier to qualify for a bigger home loan.

Whether you've decided to purchase your first home, or your still in the researching phase, check to see if your state or local community has programs available for first time home buyers. Many of these programs will offer you step-by-step assistance in finding a realator, a home and the loan that best suits your needs. They are an invaluable resource.