| First-Time Buyers
First-Time Buyers
Dreaming of owning your first home? Tired of shoveling out rent for a home or apartment that doesn't feel like yours? Take heart, changing from renter to homeowner may be easier than you think. I'm here to help.
When you buy your first home, making monthly payments probably won't be a problem. After all, you're already paying rent to your landlord each month. It's coming up with the lump sum needed for a down-payment that may seem impossible. Fortunately, there are options to make buying your first home a happy reality. Right now, FHA loans are popular because they can be done with as little as a 3.5% down payment. VA loans for veterans are making a comeback because they can call for a zero down payment, but may have some extra loan fees if you have used a VA loan in the past.
Programs for first-time buyers. There are several local or federal government programs that help first time buyers get into the housing market. Ask me about these options. Kennewick and Richland downtown areas offer down payment assistance, based on level of income. Right now there is a federal tax credit up to $8,000 if you purchase a home this year, 2009. 2009 purchases would not have to repay this credit, but 2008 purchases would. Some restrictions apply. Each name on the title may not have owned a home in the past 3 years.
Credit or tax problems. Do you have problems with your credit rating or owe money in taxes? Buying your first home is still a possibility. Check with your lending institution about options, such as paying a higher down payment, buying down your interest rate, paying off some bills at closing, or asking for help with loan closing costs. If necessary, contact a financial advisor or tax resolution service.
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