Posted on: 17th Oct, 2007 12:24 pm
My annual household gross income is $56000. I'm married and have children too. We want to have our own home but I won't be able to make much to pay a down payment for the new home. I need another 1-2 years to afford it easily. We can currently afford to pay around $1250 a month but that would include monthly payment and maintenance costs. I've heard of first time buyer assistance programs, home builders incentives etc. but are there criteria involved and how to get such assistance? Whom do I contact, the hud? Should I at all be able to buy a home in the current scenario.
The monthly payments you need to put in will depend upon the type of loan you apply for and its terms and conditions. So, until and unless you start shopping with a number of lenders and compare the offers, you won't come to know which lenders requires you to pay higher interest.
"I've heard of first time buyer assistance programs, home builders incentives etc. but are there criteria involved and how to get such assistance?"
First of all, you need to determine if at all you can qualify for a mortgage. Calculate your housing ratio (ratio of housing costs to monthly mortgage payment) and debt-to-income ratio. If the ratio exceeds the standards then you might not be eligible for the loan and even if possible, there can be limited options available.
As far as homebuyer assistance is concerned, you can talk to the HUD officials.
"I've heard of first time buyer assistance programs, home builders incentives etc. but are there criteria involved and how to get such assistance?"
First of all, you need to determine if at all you can qualify for a mortgage. Calculate your housing ratio (ratio of housing costs to monthly mortgage payment) and debt-to-income ratio. If the ratio exceeds the standards then you might not be eligible for the loan and even if possible, there can be limited options available.
As far as homebuyer assistance is concerned, you can talk to the HUD officials.