Alright I will put what I have found so far.

Azurik's thread
PMI Calculator

Mortgage professor

FW thread

Bankrate
Auto & Home insurance thread

Redfin Thanks Venturion
Hope you will now pitch in instead of flaming me.

I'm sure someone probably can. I vote for you.

I dont know why I am getting flamed for this geniuine reason. Folks be kind and share the info for
newbie's like me and others.

Appreciated

vkl168 said:There are lots of website out there beside FW. I think you are getting red because you need to do some leg work as well. Starting a thread to ask other to do your work is not a good start.

can you recommend a good website that discusses homes? havent seen one.

brokestudent said:This thread had a lot of good info on a state by state basis...it is archived now.

http://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=513071

Yes it is an excellent resource! Are there any other threads that go into other aspects of homebuying, like how to shop for a contractor or best deal on major repairs? thanks

You need to find a good local Realtor, they should be able to help you figure it out. If they can't, find another one.

One FYI, most first time home buyer programs are gimmicks, they're only worth it if you're below a certain income limit and that varies from state to state and from city to city which is why a thread about it won't really do you any good. Each city has their own first time home buyer program and some give you as little as $500 toward closing costs and some will give you grants of 5k or more and others will give you a really low interest rate if you meet the income guidelines. Some places have nothing. You need to focus on a city where you're going to buy first in order to take advantage of all the programs that may be available to you.

Redfin has a nice overview.

HBSRA10 said:I have a question about first-time homebuyer specials (re: deed-restricted units, sponsored by the city or the HUD). I see here that the low income limit is set to $46,300. It does say "80%" though. What is that? Does that mean 80% of your annual gross income should be lower than $46,300 (for you to qualify)?

Thank you so much for your response.

You should read the rest of the deed restrictions, they do vary from place to place. Some limit you to the amount that you can gain in the resale so while you have a low priced property, the gain could be capped at say 5% per year, so the most you could sell your 200k property after a year is $210k.

To answer your question, it's really not that complicated, 80% of median is $46,300, so the most you can make per year is $46,300. That's what they mean by the max income limit, no more than $46,300 from all sources.

Also as an extra bonus, people who qualify for first time homebuyer programs and meet the income guidelines should contact the local big banks and ask them about their community re-investment act (CRA) programs. They have really great rates (sometimes 1/2 point lower than the regular rate) and still allow you to put down only 3%. That's assuming of course you buy in the city where those loans are targeted. You can still thank the federal government for some beneficial laws although the reason it was there in the first place is because they weren't lending in the city.

Thank you, Henry. There are a lot of resources on first-home purchases but limited information on deed-restricted first-home buying, which I find extremely attractive. If a person is interested in buying a house to live in it (not to make money as an investor) I think it is a great option. You can buy a condo almost half price, if you fit the description (i.e. low-income, first-home buyer, etc.). Sure you won't be making more than 5% on your money, but it is a great alternative to paying rent. At least, this way you are building equity and have a place to call your own. Am I right?

One thing I don't understand about the low-income criteria is that sometimes you see 80%, sometimes 50%, sometimes 120%. If 80% of the median income is indeed $46,300, then the median income (to be qualified as a low-income buyer) is $57,875. So, do you qualify for a low-income housing if you make something between 46K and 57K?

Thanks for the tip on CRA programs. Any other tips on deed-restricted, low-income targeting, city or HUD subsidized first-time home buying opportunities are truly appreciated.