Hello all,
I was wondering if anyone had any advice for a first time home buyer. Are there any programs left that assist with first time home buyers? Any help is appreciated.
I agree with apache...the first 2 things i would do would be to go to a reputable lender to get preapproved for a home loan and get a good Realtor that you feel comfortable with and who listens to you. and if they are not responsive to you, find someone else. we had to change lenders b/c we fell in love with a fixer upper and the first lender we were working with just could not help us with a renovation loan.
I would make sure I have money put aside for downpayment and closing costs. Research houses online to get a feel for pricing and conditions in the area that you're buying as well as visiting homes with your Realtor, of course. Be patient. Once you're preapproved or even once you have an approved offer in, do not go crazy and buy new appliances for that cute little house or some other major purchase (just in case something falls through and/or just in case the bank has to update your application and that purchase affected your credit rating. ouch!). Get a home inspection.
If you are truly unsure about the in's and out's of the home buying process, I believe that several local agencies offer first time homebuyer classes that would give you a good base about what to expect...wealth watchers, family foundations are 2 that i can think of. they do charge $50, i think, but if you end up using a city homebuyer program or some other assisted program, you are required to have this 8 hr education component and this fee may be waived, so ask.
the city has its head start to homeownership program which offers down payment/closing cost assistance...you do have to work with certain lenders, meet certain income requirements, etc. See more here. http://www.coj.net/departments/neighborhoods/housing-and-community-development/housing-services/programs/homebuyers/head-start-to-home-ownership-program.aspx
several local not for profits also have housing for eligible buyers...i would also inquire with the city housing office to see if they can tell you who has homes available.
florida housing also has various loan products available through participating lenders. see here: http://www.floridahousing.org/FH-ImageWebDocs/Newsroom/Publications/Homeownership/FTHB%20GenericFlyer.pdf
A lot of these programs are a great deal if you meet requirements and are planning to stay in the home for a while, but if you sell the home before the mortgage term, then you would repay program all or part of the funds they loan to you. That may still be fine if our real estate market is headed back up, but if you think you'll be in a house short term, I would review the loan terms very carefully to make sure it's the right thing for you.
Hope this isn't an overwhelming amount of info. It's very exciting to buy a house, but you need to be an informed buyer. Good luck!