There is NO COST. You will be connected to an approved lender who will offer you a free mortgage consultation
Q.
Who is considered a first time home buyer?
A.
First time home buyers cannot have owned a home anywhere in the last three years
Q.
When would be a good time to start the home buying process?
A.
Now!!! Most of the programs listed here have limited finite budgets and definite termination dates.
Q.
If I do not qualify for a down payment assistance program, what are my options?
A.
There are several ways to purchase a home with limited funds. A consultant will advise you on the multitude of options.
Q.
Who should I start my home buying process with?
A.
You should always start your process with your lender first. The lender will issue you a pre- approval letter. This letter will determine your qualified loan amount and/or "sales price." At this point you may contact a realtor, and begin looking for houses within the price range stated on your pre-approval letter.
Q.
How long does it take to get approved for down payment assistance programs?
A.
The process can take up to 60 days.
Q.
How often are the classes available for the certificate of completion for the HUD 8 hour class?
A.
Classes are offered every two weeks from 9-5 on Saturdays. The cost per class is approximately $25.
Q.
Will I still receive the tax credit in addition to these programs?
A.
Yes, as long as the program is still available
Q.
What is the 203 K program?
A.
It is FHA's rehabilitation and repair of a single family home program. Lenders work with FHA as well as purchasers to make financing easier and more affordable for the buyer to purchase the home and make the necessary repairs. The loan granted to the buyer will exceed the price offered for the home which will account for the amount needed to make repairs. The lender will use the projected escrow to account for the repair costs and the amount of the loan.
Q.
Do these programs allow cash back at the table?
A.
None of the programs on this site allow cash back at the time of settlement from the funds if they are not used at settlement
