The first time home buyer tax credit may be gone but assistance is still out there; so says San Pedro, California REALTOR® Lee Dworshak. He notes that potential first time home buyers have options to explore when considering a move into real estate. “One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that are necessary for a down payment.
The first time home buyer tax credit may be gone but assistance is still out there; so says San Pedro, California REALTOR® Lee Dworshak.
He notes that potential first time home buyers have options to explore when considering a move into real estate.
“One of the first hurdles when buying a home for the first time is often coming up with a down payment. Even a good saver may have a hard time saving the thousands that are necessary for a down payment. Luckily there are options for help.
The Department of Housing and Urban Development (HUD) has many assistance and reference programs. HUD’s website has links to Habitat for Humanity, rural housing, and a number of home buyer programs in your area. The HUD website can be a great resource, offering a wealth of information on what is involved in purchasing a home.
The Federal Housing Agency (FHA) is another agency offering information and assistance. The FHA helps buyers buy homes with both low interest rates and a small down payment. Where a standard down payment can be anywhere from 10 to 20%, an FHA loan can require as little as 3.5% down. Standard loan fees can be wrapped into the loan through FHA as well making your out of pocket substantially less than traditional loans.
If home ownership seems like a pipe dream, it doesn’t have to. If you have a steady source of income then you’ve achieved one of the biggest hurdles. Contact a real estate professional today to learn more about purchasing a home in your area.”
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Original post:
Help After the Tax Credit