First time buyers program???

Question

How do i find out if i am eligible?

Answer 1

.    Just walk into city hall and inquire.  They want you to take advantage of the programs.  If you sell the house in 7 years, you have to pay back the money plus interest.  That is why i won't use a "program" again.

Answer 2

I'm not sure which program you are referring to but it would help if you said where you live.

Answer 3

There are many programs which help first time home buyers.  Depending on your where your new home will be, City, State, and/or Federal entities may offer assistance.  

The Federal government offers programs (in California) such as HART and Nehemiah.  Rumors have it that the days are numbered for such programs once HUD releases their Mortgagee Letters, but may return early in 2009.

For state, county, and city resources and information check:

http://www.hud.gov/buying/localbuying.cf...

This site is all inclusive, but it will give you a start.  The local city hall may have other programs and/or options such as grants or 0% and "forgivable" loans.  

Answer 4

Find out what programs are available in your city & state by calling a mortgage banker in your area.  Most of these programs have income limits.

Good luck.  This is a great time to buy.  Lots of inventory & many bargains.