Many states , cities, etc have first time buyer or other below market rate loan programs. Trouble is, most novice buyers dont know about them. They usually have several limitations and qualification restrictions.
The purpose of this thread is to provide a consolidated place to list all the programs we can find out there. HELP US TO BUILD A COMPREHENSIVE STATE BY STATE LIST! We will even include city and county specific programs.
Please be SURE to list the location where these programs are offered, any web links, etc. I will update the OP with new finds periodically, but You may also want to add new finds to the "Quick summary" box below this post as well, so that they can be easily found.
Please do NOT clutter this thread with questions on how to qualify for these programs, since each will differ greatly and the only way to find out is by contacting the relevant agencies listed YOURSELF.
And if you have successfully used these programs, please SHARE your experience with the FW community by posting a dedicated thread on the program and your experience. We can then link to a discussion on each program from this post, thereby helping others!
Excellent topic idea and needs several updates. There are also special programs per county and sometimes per city so people- please dont hold back! for example:
San Jose- Caveat: there are usually 45 year deed restrictions on resale so it is not always good as the appreciation is lost. http://www.sjhousing.org/program/frsttime.html Or Linky
Arlington, VA has several programs. But you have to start the process really early and take a class. All the information is found in the packet at the link below.
prastogi said:Excellent topic idea and needs several updates. There are also special programs per county and sometimes per city so people- please dont hold back! for example:
San Jose- Caveat: there are usually 45 year deed restrictions on resale so it is not always good as the appreciation is lost. http://www.sjhousing.org/program/frsttime.html Or Linky
About the deed restriction-- I just moved into a new home in West Sacramento with such a deed restriction. The appreciation is not completely lost, it's just controlled. You purchase a home at the "below market rate". For me this was 92% of market rate. To my understanding, when you sell your home in the future, you must sell it to another moderate-income buyer at the "below market rate" of that time. Let's assume that it's still 92%. Your profit is the difference between 0.92(Future market rate) and your purchase price. So you don't necessarily lose appreciation.
Earth Mortgage operates in many states. They offer $500 if they cannot beat anyone else's quote on a mortgage, so it would probably be worth it to get your best deal, then let them beat it.
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