So! You're a first-time homebuyer. That might seem to be a bit scary...but there is help for the First Time Buyer.
Are there special programs that will help First Time Buyers become homeowners? The answer "possibly, yes".
There are county and state "bond" programs available to assist qualified individuals and families in purchasing a first home.
Your lender and I will consult with you and assist you to determine which program you may be able to qualify for and might work best for your particular circumstances. There are maximum income eligibility requirements as well as property requirements for each of the first-time buyer programs.
CCCIC Down Payment Assistance Program offers a deferred, forgivable loan up to $3,000 at 0% interest for use as downpayment and/or closing costs and has an income limit based on 80% of median income as established by HUD and adjusted for family size. EXAMPLE: a family of 4 would have an annual income limit of $37,600 based on 2004 income. (Note: income limits are established by HUD and are subject to change without notice.)
Mortgage Credit Certificate Program affords a higher income limit of $52,670 for a family of 3 or more. This program provides a 25% tax credit based on interest paid and taxes owed to IRS. ($2,000.00 maximum tax credit).
Other programs are available and require Seller financial assistance.
I also encourage you to call or e-mail me with any specific or special interest question that pertains to your personal situation. I am here to assist you in buying your first home...and every one thereafter!
Happy home buying and selling!!!
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