Nov
04
What is out ther as of grants or loans for foisrt time home buyer?
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I am in an low income family and i would love to own a home i pay like 650 a month for rent i know a morige would be cheaper
so i as kwhat is out ther for a fisrt time home buyer
as of loans grant help wit hdown pament assiants extra
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1 Comments
November 5th, 2009 at 5:34 pm
I don’t know what’s out there for grants. I’m also looking to become a first-time home buyer. I know that you can get an FHA (Federal Housing Authority or Association or something) loan which requires you only to put down 3% of the purchase price of the house and will give you a loan with about a 5.5% interest rate.
There is also a $7500 (up to 10% of the purchase price) tax credit for first-time home buyers that you can claim for the year that you buy the house, and you have to pay back the $7500 over the course of the next 15 years. That expires either in April or July, but President Obama wants to give home buyers a $15,000 tax credit (up to 10% of the purchase price) that you wouldn’t have to pay back ever.