Do first time house buyers get any help?

Question

Me and fiance are buying a house in the spring. We were wanting to know if anyone knew of help you can get when buying your first home? Ive heard of being able to get your closing costs paid but how? We both go to school full time and work part time-full time, whenever we can get hours in. We dont make that much but we could afford a $500 house payment. Anyone know of anything? Thanks a bunch in advance, your response is greatly appriciated.

If you are planning to leave a rude or immature comment, forget it. Dont waste my time.

Answer 1

At 500 a month you can't afford to buy.   You need to earn more money.

After taxes you are talking about a house that costs about 50k

Answer 2

You can get the seller to pay closing which runs 6%, but you will have to pay out of pocket expenses first and get reimbursed at closing. The $7500 someone mentioned is a tax credit for t10% of the sales price (up to 7500) to file with your taxes not a down payment assistance. This is a no interest loan by the way not a gift, and again is available after you purchase the home.

Answer 3

SAVE money for your down payment.  There are no more 0% down loans.  You need 3-5% down for FHA and more is better.  Keep your credit good.  Hopefully your income will be higher come Spring when you buy, because $500 is on the low side.  And you have to add in real estate taxes and insurance and repairs and decorating and replacement of roofs/appliances/floors/walls/carpeting.

There is a new federal credit of $7500 towards down payment for first time home buyers.

. . . .and posting on here for millions of yahoos to respond, you should expect to receive some helpful and direct, blunt answers and some rude or immature comments--goes with the territory

Answer 4

First, you need to contact a mortgage broker to look at your finances overall. This will include your credit history and your income-debt ratio.

This will let you know how much of a mortgage payment you can afford (you say you're comfortable with around $500/month), and also what kind of federal and state loan programs you can qualify for. This will figure out the best solution for you and will tell you what price range you should be looking for.

Some first-time homebuying programs pay the closing costs, some reduce your interest rate, and some reduce your required down payment. However, many of them do have income requirements (you can't earn over a certain amount).

Where do you live? I'm actually curious to see what kind of house you can get for $500 a month.