HELP.....I spoke to a broker about purchasing my first home......?

Question

I was told that I make too much money (about $200 over the cut off limit) to qualify for a grant. where can i look up information to see if i can find something for myself.

Also, they pulled my credit.....is taking my info to someone else as a second opinion about what kind of grants i could get tacky? i was told that as long as i have my credit pulled within 10days it won't show, is that true?

also, will the first broker see the inquiry of the 2nd opinion?

Answer 1

Are you crazy!!  There are no "grants" for first time homebuyers.  If you can't put away enough money to be able to save for a downpayment then you do not belong purchasing a home.

Answer 2

There are no "grants."

Answer 3

Hi - I just finished the loan process to acquire my first home, and was able to qualify for a grant with a salary of 74k.  I have a FHA loan type and the grant received is under a program called AmeriDream, where the funds will act as a down payment for my home. Here is the link so you can do some reseach http://www.ameridream.org/.  There is also a program called Nehemiah that will also give grants to home buyers.  

I would advise that you get a second opinion because you want the best deal for yourself.  I wouldn't worry about the second opinion seeing the credit inquiry of the other company.  It's a buyers market and I feel that it will work to your advantage by causing the lenders to work harder for your business.

Good luck and I hope this information is useful to you.

Answer 4

Ameridream is about the only FTHB grant program that doesn't have a bazillion strings attached that I know of.  There may be some local grant programs, but you'd have to ask a local broker about that.

Grants are VERY few and far between.  If you don't qualify for Ameridream, I doubt you have a chance to qualify for anything else.