Did you know that making less money can actually HELP you buy home? Did you know you can make too much money to buy a home with some programs?
I have been teaching first time home buyer classes in Boise, Idaho for over 20 years and am always tracking new loan programs and buyer assistance options.
For example, did you know that Freddie Mac just rolled out a new program especially for people that make half the average median income for an area? That means, in Ada County (Boise, Meridian, Kuna, Star) you might qualify if you make LESS than $31,200. Income limits are the same in Canyon County (Nampa, Caldwell, Middleton).
You don't even need a large down large down payment! If structured correctly, you can move in for less than you would into a rental home since you don't have to pay first and last months rent up front! This program has down payment and closing cost assistance available that can even be used with certain other programs:
- 2% gift is included to help with your down payment or closing costs
- you can include a Good Credit Rewards 2nd Mortgage
- you can also get another $2,000 for down payment if you pay .25% higher interest rate
- for only $300 more (can be paid by the seller) you might qualify for up to $2,000 a year in in tax credits (better than tax deductions since it comes straight off the top of your tax bill)
- several down payment assistance options can also be used to minimize your out of pocket move in costs
Just because your mortgage company says you may not qualify - think again. They may not know about some of the first time home buyer programs out there or maybe their company doesn't offer them! If you are not ready to move till spring or summer - let's discuss having a home built that will miraculously be ready by then.
I am not a loan officer and do not paid a referral fee for helping you choose a lender that knows these programs. I typically get paid by the seller at closing so it is worth my time and effort to know about these programs and help get more home buyers into their own homes instead of paying their landlords mortgage for them!
Call or email me to set a time to figure out if this (or if another program) is best for you! Jim Paulson, Owner/Broker - Progressive Reatly Corporation. GoOwnIt@gmail.com or 208-573-0471.