This thread is a resource for those who are searching for below market First Time Homebuyer mortgages. Please post any additions to this list in the quick summary below, in order by state. Also, please feel free to post your experience, discuss, or ask questions about these programs on this thread. Thanks to DYS for creating the previous, now archived, thread on this topic.
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posted: Jul. 3, 2006 @ 3:44p
cameron2003
Senior Member - 2K
posted: Jul. 3, 2006 @ 3:50p
Good idea. Tha San Jose link didn't work for me.
When I bought my first home I used a Mortage Credit Certificate (MCC). This is a program for first time buyers that lets you deduct 20% of your interest as a credit and the rest as a deduction. It saved me thousands every year. There are income and price limitations.
pdptank
New Member
posted: Jul. 4, 2006 @ 9:40a
NACA - Neighborhood Assistance Corporation of America
Q: Do I have to be a first-time homebuyer to get a CDA loan? A: The answer depends on where the borrower plans to purchase. Borrowers purchasing in Targeted Areas, do not have to be first-time homebuyers.
So check out your state's website, you may not even need to be a first time homebuyer to get the below market rate!
jwa009
Member
posted: Jul. 6, 2006 @ 11:29p
Just got my first job and start to think about purchase a home.
It is possible to buy house across states? For example, I work and live at CA, but I prefer buy house at New York where my parents are living. Should I apply mortage from CA or NY?
cefiro06
New Member
posted: Jul. 7, 2006 @ 12:41a
jwa009 said: Just got my first job and start to think about purchase a home.
It is possible to buy house across states? For example, I work and live at CA, but I prefer buy house at New York where my parents are living. Should I apply mortage from CA or NY?
For all of the programs that I have looked into, the property must be your primary residence.
I went through the CalHFA process last year to buy a condo. The deal almost fell through because I had to prove that the condo complex was at least 60% owner occupied. Definitely check on that before you get agents and loan officers involved.
draco067
Member
posted: Jul. 7, 2006 @ 5:11a
Virginia - www.vhda.com
Interesting to note that when I closed through VHDA back at the end of January, I locked in at 5.5% for a 30 year fixed, no points/origination. The same loan now is 6.5%.
Edit 2: Why is "a five-point-five percent" a forbidden phrase (not written out like that, of course)? It made me edit my post and remove it.
The GO Zone Act treats 13 Florida counties as targeted areas and in those counties waives the first-time homebuyer requirement and increases the income and purchase price limits under the bond program. Those 13 counties are Brevard, Broward, Collier, Glades, Hendry, Indian River, Lee, Martin, Miami-Dade, Monroe, Okeechobee, Palm Beach and St. Lucie.
I am planning to buy a home in MA. I have been doing a lot of research. I found first time home buyers program would be good for me. But all the banks I enquire say that I am above the salary limit. Are there any resources where I can search for banks with higher salary limit that offer first time home buyer programs? Thanks.
slimcustomer
Senior Member - 1K
posted: Aug. 1, 2006 @ 2:34p
captor said: I am planning to buy a home in MA. I have been doing a lot of research. I found first time home buyers program would be good for me. But all the banks I enquire say that I am above the salary limit. Are there any resources where I can search for banks with higher salary limit that offer first time home buyer programs? Thanks.
If you don't qualify for a program through this link, consider calling your local county to see if they have a coalitition on affordable housing or some similar program. They will often have additional info about local banks individual programs that you might qualify for. Failing that, I would call every local bank that lends in your area. I found many different indivdual programs that weren't widely advertised and provided some great deals when I did my first time home buyers search.
This is a first time homebuyer program for Montgomery County in Maryland. There are income and sales price limitations of course but at 5.625% 30 YR, it might make sense. I know of this program because I am a loan officer for one of the participating lenders.
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