Michael Holigan: Hey, if you're a first time home buyer, this program's for you today because we've got some special programs we're going to show you and walk you through. We're going to start out with the community home buyer's program. Now these are conventional loans, but they have a lower down payment than normal, three percent down payment instead of normally the five or ten that's required on conventional loans. Expanded ratios - 33 and 38%, which is very high for a conventional loan. That means you can afford more home. Great program. Does have some income limitations, but ask your lender about it. Bond programs - always good, check. They're done by cities, states, municipalities. What do you get with a bond program? Lower interest rates, and that's what everyone's after, a lower interest rate. It saves you money every month you live in the home. They're normally based on FHA qualifying, so you're not going to get a conventional loan with a bond program, you're going to go in a get a FHA loan, but get a lower interest rate. Ask your lender if you qualify. We're going to look at grant programs. Now a grant is where you get assistance with the down payment, or assistance with the closing cost, and this isn't a loan to help you get in. This is actually a grant. You actually get this money. But there are some income caps. So check those out, see if you qualify for them. Mortgage credit certificates - you hear a lot about mortgage credit certificates, but most people don't go through all the work to get them. You ought to look about getting one. They increase the income tax benefits by about 20% of your interest that you normally don't take off, you can count off on your taxes, it saves you money. Helps with qualifying. Since you're going to save all that money, you can normally qualify for a little bit more home. Go in with your lender and check out all of these programs and see if you qualify to save money the whole time you live in the house.
Episode 010 1995 - 96 Season
| How Bricks Are Made | Smoke Alarm Installation | Choosing Brick Patterns | Acrylic Plastic | CAD Systems | First Time Home Buyers Programs |
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