First Time Home Buyer FHA Home Loan - Many first time home Home buyers do not have a large down payment for a new home. While many people think this may hold them back from home ownership not having a large down payment does not mean you cannot purchase a new home. FHA financing allows down payments as low as 3% and is used by many first time home buyers.A Chapter 7 Bankruptcy can be discharged for as little as 2 years and still qualify for FHA financing. Re-established, timely credit is required if you have had a Bankruptcy.
FHA allows for all of your 3% down payment to come from a gift from a relative. Coupled with allowances for up to a 6% seller concession, you may qualify to purchase a home with little or no personal out of pocket expense.
If you don't qualify for a FHA home loan, a good First Time Home Buyer alternative program would be MyCommunity.
Multi-Family Homes can be purchased using FHA financing as well with as little as 3% down. A 6% seller concession can still be used for FHA Multi-Family financing.
What Is A Buyers Market? - A buyers market refers to a situation where the number of homes for sale is up and the average time to sell a home is significantly longer. Sellers become nervous and are more willing to negotiate.
This is a great time to buy a home!
Many sellers are willing to also pay a portion of your closing costs, or carry closing costs completely during a buyers market.
During a buyer's market homeowners are not only more willing to pay for some or all of your closing costs and negotiate a lower sales price but they can also be more willing to offer other incentives to home-buyers. Some of these other incentives may be items such as home warranties, cash back, money for home-improvements, and many other things. Shopping for a home during a buyer's market can be very advantageous to a home buyer. Be patient and you have a great chance at finding the home of your dreams at the price you want to pay for it.
District of Columbia Buyers Assistance Programs - Washington, D.C. is going through a rebirth. Many various programs have been created and are ongoing in an attempt to revitalize some areas in an attempt at stabilization. Some are directed at first time home buyers, some are directed at first time D.C. buyers and others are directed at folk attempting to overcome their credit past and encouraging all folk that Washington, D.C. is a great place to live and work.
