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Down payment on first house...

Is there anything we can go through when trying ot buy our first house ( with good credit ) to get help on our down payment.... we live in a small area where things are cheap ( most decent houses where we live are under 80,000 .... and we will probably be picking one in the 50,000 - 60,00 range ) .....

Also how does the first time home owners assoc. work ?

Answer Question

Asked by Anonymous at 10:46 PM on Mar. 3, 2011 in Money & Work

Answers (7)
  • Look to see if your city offers a first time buyer program. When we bought our first house, our city gave 2% if the buyer put 3% down, and that 2% was considered a loan for the first 5 years, then a gift. Home owners associations aren't any different for first time buyers than they are for other buyers.

    Answer by JulieJacobKyle at 10:59 PM on Mar. 3, 2011

  • In our community (in FL) we have the S.H.I.P. program which gives first time homeowners $10,000 for their down payment. Call your bank or realtor and ask what help you can get in your state. My bank told me about it.

    Answer by admckenzie at 11:32 PM on Mar. 3, 2011

  • How about saving for the down payment? Never a good idea to look for others for money; what happens if you go in with that mentality and at some point you can't pay your mortgage? Will you be looking for someone to help you out then?

    Why would you have to pay homeowner's association fees? Are you looking at a townhome vs. a traditional free-standing property?

    Answer by Anonymous at 7:58 AM on Mar. 4, 2011

  • Contact a realtor, and a bank.. They should have information that may be able to help you. Home owners associations have different rules for different states, but there's no difference for new buyers. They don't help you with mortgages, they set the rules within the specific area where you live. For instance, if you don't keep the lawn cut, they will have someone cut it and then charge you. They basically try to maintain the value of your house, and are sometimes helpful, sometimes a pain... Once you buy your house, if there's a homeowners association, you should go to their meeting and try to be involved and get on the board.

    Answer by SweetLuci at 7:58 AM on Mar. 4, 2011

  • There are some places that will give you a mortgage without a down payment - when we bought our current house, we got our motgage for the full amount ($45,000) because we had nothing to put down. We did not want a loan for the down payment because we did not want a mortgage and a loan. As for someone to give you a downpayment for nothing? Fat chance, especially in this economy. But especially since it's your first, you'd have a much better change of a nothing-down mortgage. It did not affect our interest rate or anything - just made our monthly payments higher than they would have been, obviously.

    Answer by Anonymous at 11:35 AM on Mar. 4, 2011

  • I didn't mean a homeowner's association fees ... But something to do with financial help for first time homebuyers ( I guess i just didnt know how to word it right)

    I know of a few people here in town who got financial help and didn't have to pay a down payment since they were first time homebuyers but I wasn;t exactly sure what they "went through" or "used" to do that.

    and anon, I am pretty sure you were trying to be rude... but no we were not looking for someone else to pay for us... we do have money saved but obviously if there is a program for first homeowners / down payment help then we could use the money we have saved for other things house-related .... Also since we would be getting a house around that price, that means our mortage would be cheaper than our rent . If something happened to where we were unable to afford our home any longer ( if my husband lost his job or such) well then we would have to do ***

    Comment by Anonymous (original poster) at 9:43 PM on Mar. 4, 2011

  • *** what any other person in that position would do ....

    Comment by Anonymous (original poster) at 9:44 PM on Mar. 4, 2011

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