If you first buy a home, it would be advantageous for you to look into the various assistance programs available for first-time home buyers. A first time home buyer is essentially someone who hasn’t purchased a property three years prior to giving in a loan application. There are different programs available that qualify homebuyers for financial assistance, home loans, and even counseling for home ownership preparation.
The American Dream Downpayment Initiative or ADDI also offers a maximum of $10,000 for down payment expenses and closing costs to first time home buyers who qualify. To be eligible for this program, the home buyer has to meet the income level requirements. Financial assistance is basically a deferred loan wherein repayment is not required unless the property is refinanced, sold, or if the owner doe not reside in the home any longer. Have a peek at this site Cash for Houses Dallas
There is also a Home ownership Voucher Program, which is for individuals who are dedicated to achieving home ownership. Home buyers who are eligible for mortgage assistance will change their voucher for rental assistance to one. In order to do this, the home buyer should have a continuous employment history and also must be approved for a loan from a lender. Anyone who is interested in this program should go see the local housing authority in their area.
For more information on how to get assistance as a first time home buyer, you should consider talking to any of HUD’s approved housing counselors. A good counselor can help you figure out how much you can afford when it comes to paying for the mortgage along with other expenses that come with purchasing a home. Often times these services are free so it doesn’t hurt to get help if you need it.
Only some of the homebuyers ‘ assistance programs are eligible. Study extensively and check your local Housing Authority for other details that may be provided.