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First time Home Buyers programs?

Have any of you ladies used any special programs for first time homebuyers? What is the % of the downpayment you have to have?

And does anyone know if the government still has the program where they loan you $8,000 for your purchase?

Thank you ladies!!

 
WifeyandMom71

Asked by WifeyandMom71 at 2:15 PM on Jun. 30, 2010 in Money & Work

Level 12 (749 Credits)
This question is closed.
Answers (7)
  • You needed to have a house "under contract" by April 30th and the papers signed by June 30th to be eligible for the $8000 credit. We're supposed to be receiving out 8 grand any day now (we've been waiting for months!).

    We bought our first house this past February using an FHA loan and had to have a very small percentage at the table (like 3% or something). All I know is that it was a lot less than we were expecting and actually put down.

    Lots of agencies will run a free credit check for you to see if you're in good shape for a loan. If you're genuinely interested, check it out!
    mickstinator

    Answer by mickstinator at 2:24 PM on Jun. 30, 2010

  • the 8,000 first time home buyers tax credit expires today
    peanutsmommy1

    Answer by peanutsmommy1 at 2:16 PM on Jun. 30, 2010

  • That would be a no but if you have good credit you can get in with 3.5 % down
    itsmesteph11

    Answer by itsmesteph11 at 2:19 PM on Jun. 30, 2010

  • I thought I heard they are extending that homeowner's credit. Google it and google first time home buyers. Also go to your state's website and look at the housing section. Good luck
    elizabr

    Answer by elizabr at 2:53 PM on Jun. 30, 2010

  • There is talk of extending the homebuyer credit for 3 months but I think you still needed to be under contract by April 30th. Depending on where you live you can check to see if you are eligible for a Rural Housing loan which has no down payment needed otherwise next best is FHA at 3.5% down.
    Kari126

    Answer by Kari126 at 6:11 PM on Jun. 30, 2010

  • I heard on the news that people are not buying houses like they was. So they may bring it back.
    mamaofficer

    Answer by mamaofficer at 7:50 PM on Jun. 30, 2010

  • If you work for a government (City, County, State, Federal) there may be a first time buyers program. Our City has one for City employees. My Husband and I used it when we bought our house. They paid for all the up front costs (appraisals and etc), they paid $5000 towards down payment and all closing costs! We had a down payment already so the additional $5000 gave us a boost up in house. Also having the closing costs covered gave us an edge over other people. When we made an offer for our house we did not have the highest offer BUT we did not ask for closing cost so the seller chose us over the other six offers. Our house was on the market for 3 days. Definitely worth looking into!
    kc932

    Answer by kc932 at 8:20 PM on Jun. 30, 2010

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