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Home Buyer Assistance Programs
Assistance Programs That Can Provide Cash Grants & Gifts
Many home buyers, such as Gloria and Roberto, are taking advantage of programs designed to help buyers who can afford the monthly payment on a home and can qualify for a loan, but don’t have enough money saved for the down payment or closing costs.
These programs are very popular because they provide cash grants and gifts, helping buyers get into their first home with little money out of pocket. They also provide credit counseling and home buyer education programs in English and Spanish.
Below are links to some of the major home buyer assistance programs in the Houston area. But first, a little background information.
In general, all of these programs have some basic guidelines concerning the buyer’s income, the price of the home, etc. These guidelines are slightly different for each program, but generally they include the following:
Because these programs are designed to help low and moderate income families, there are some guidelines about income, based on family size and the location of the home you want to purchase.
There are also guidelines regarding the location. For example, some programs provide money in a specific city or county, so your new home must be located in that area.
With most programs, potential home buyers must take a class designed to help them understand the process of buying and maintaining a home.
The home buyer must agree to live in the property for a period of time that is agreed upon, usually from 5-10 years. If you sell your home early, you may be required to repay all or part of the assistance money received.
After familiarizing yourself with these programs, it is also a very good idea to ask your home builder, Realtor or lender about the ones that might be best for you.
LINKS TO HOME BUYER ASSISTANCE PROGRAMS
Houston HomeTown
Provided by the City of Houston, the Houston HomeTown campaign seeks to improve housing for Houston’s low and moderate-income residents. Eligible buyers may receive up to $9,500 for down payment, closing costs and prepaid items for a new home.
The Nehemiah Program
The Nehemiah Program provides gift funds ranging for down payment and closing costs to qualified homebuyers using an eligible loan program, such as FHA or a conventional loan that allows gifts from charitable organizations. Gift funds can range from 1% to 6% of the final contract sales price.
Partners In Charity
This nonprofit program offers down payment assistance ranging from 2% to 10% of the purchase price, depending on the needs of the home buyer. Partners In Charity believes that, “anyone who dreams of owning their own home deserves a chance of homeownership.”
Texas First Time Homebuyer Program
The First Time Homebuyer Program is offered by the state of Texas to help Texans buy their first home. The program provides low-interest rate home loans for eligible families and individuals.
Texas Veterans Land Board
The Veterans Housing Assistance Program provides financing up to $240,000 toward the purchase of a home to qualified Texas veterans.
Lisa C. Zapalac, Principal Partner and VP Public Relations for http://www.casanuevaguide.com has been actively working in the real estate and business industry since 1996; prior to opening her own public relations company Zapalac was named editor in 1991 for the Houston Chronicle Homeline and Real Estate sections.
Home Buyer Tax Credit Extension Will Assist Real Estate Markets Around The Nation
Yes! Realtors and realty developers across the nation were relieved to learn that the first time home buyer tax credit would be extended for 7 more months.
This tax credit is truly what lifted the realty industry by causing Some likely home buyers, who presumptively may not have bought without it.
The opinions on exactly how much impact the tax credit has had on the realty market cover the gamut. Some taxpayers do not feel like their tax dollars should go toward giving other people a credit for something as random as buying a home. Since so Most jobs in much of the U.S. are bound to the real estate business in one way or another, the mindset that objects to the use of tax dollars to help people buy their homes is minimized.
Some people point out that the tax grant simply induces people who were already planning on buying to buy. If the tax credit wasn’t designed to be a short term help, then this point would have more credibility to it. The tax grant is supposed to push people who are on the edge of buying into making their decision to help the market short term, rather than several months down the road.
And, there is always those who try to manipulate the system. Some people who are not candidates to receive this credit will also try to cash in. Trading the tax grant for a stiff fine and jail time doesn’t seem like a good deal to me.
The reality that the home buyer tax grants have helped lift short term real estate prices is incontestable and Some whose tax funds went to pay for this program know that it was a needed step to keep the entire nations home prices from declining a lot further. As the tax grant helps out the realty business, it will also help the people who work inside the business, which is a lot of jobs that will return to the jobs market too.
The author enjoys writing articles about Boise real estate and other investment areas. His useful insights, articles and comments have made many happy clients in the Boise Idaho real estate arena. His business accumen is saught by many in his field.
Obama’s First Time Home Buyer Plan – Get Money From the Government To Buy Your First Home
First time homebuyers may now be able to get grant money from the government if they qualify. Grants are available for people who are purchasing their first home between January 1 and December 1 of 2009. The grant can be as high as $8000. This is great news for people trying to buy their first home in the midst of an economic downturn.
What people might not know is that you really don’t have to be a first time homebuyer in order to qualify for the grant. According to the government, you cannot have owned a home in the three years prior to purchasing a new home. Technically you could have owned a home in the past, just not recently. The only limitation is that if you have not owned a home but your spouse has, you will not be able to apply for this program if you are purchasing the home together. If you are not married, but buying a home together, the person who is the first time buyer can apply for the grant. This rule might also apply to parents who are buying a home with their child.
How much money can a homeowner expect to get from the government if they qualify for the First Time Buyer Stimulus Program? Generally you can expect to receive 10% off the purchase price up to $8000. This can be credited towards your income taxes or if you have overpaid your taxes, you might get a tax refund. You can use this money in any way you want, you can use it to make improvements to your house, pay down your mortgage or take a great holiday. It is your money and you can decide where you want to spend it.
It is too bad that more people are not aware of the free government money that they can get. They just need to know where to look. Don’t be one of these people; get your government grant money!
For tips and facts about how you can benefit from Obama’s Home Stimulus Plan – or to find out if you qualify, visit our no nonsense home stimulus guide: http://firsttimehomebuyerstimulus.net
First Time Home Buyer Grants Will Aid Boise Home Buyers!
Yes! Some of us in the real estate sector breathed a mass sigh of relief when the federal government committed to extend the first time home buyer tax break initially passed last year.
The first time home buyer tax credit helped encourage Some home buyers jump into the market who Some not have without it, boosting real the national realty market.
The opinions on exactly how much impact the tax credit has had on the realty market cover the gamut. Some tax payers are upset at the use of their tax dollars assisting someone else purchase a home. Since so Some jobs in much of the U.S. are bound to the real estate industry in one way or another, the mindset that objects to the use of tax dollars to help people buy their homes is minimized.
Another standpoint is that the home buyer credit is only enticing people who were already going to buy, to buy for the tax grant. This point of view forgets that the entire point of establishing the tax credit was to help the real estate market for the short term. Since Many of the buyers who are buying right now were obviously already looking, then the limited deadline of the tax grant will help them decide to buy sooner, rather than later.
Of course, there are those who try to cash in on the system. Some people who are not candidates to receive this credit will also try to cash in. If caught and convicted of the tax fraud involved some will face fines and jail terms that exceed any possible benefit they would have gotten.
The fact that the first time home buyer tax grants have helped buoy short term real estate prices is undeniable and Some whose tax funds went to fund this program know that it was a needed step to keep nations home prices from plummeting further. This tax grant will be the first in Some steps taken by the government in assisting the realty recovery across the nation.
The author enjoys writing articles about Boise Id real estate and other investment areas. His useful insights, articles and comments have made many happy clients in the Boise real estate arena. His business accumen is saught by many in his field.
Real Estate Tips for the First Home Buyer
Buying your first home can be a confusing and daunting experience for the first home buyer. This article takes a look at the costs involved in buying your first home, the first home buyers grant and buying considerations that will help you secure a home that fits your needs.
Defining your Buying Criteria and Budget
Before embarking on your search for the ‘perfect’ first home, it’s helpful to write down a short list of essential elements that you might like, but not neccessarily need in a property. This will help narrow down what you really need in a home, and stops you getting caught up in how pretty a property might look, but may be totally unsuitable or out of your price range.
It’s also important to make a list of your preferred suburbs, and work out your price range and don’t stray from it.
Can I use this property as a stepping stone?
The key to success in real estate is to keep a realistic budget in mind and aim to borrow the least amount possible. Chances are if you are a first home buyer then you are most likely young and can get away with buying a smaller house to start off with. Then step up to buying a larger more expensive home later, when you can afford it. You will be a lot happier with repayments you can actually afford on a smaller loan, and will have money left over to have a comfortable lifestyle.
What should I borrow instead of what they’ll lend me…
Banks may be happy to lend you a lot of money, but will the repayments be feasible? Even if you can afford the repayments, will you still have enough cash left over at the end of the week to buy ‘little extras’ as opposed to just food and bills? It is always wise to buy below your maximum price, which may mean looking at a cheaper suburb or sacrificing that fourth or even third bedroom. It is much better to give up a bedroom, than give up the whole house because you can’t afford it.
Do your homework on prices
Do some research , and keep track of the price of homes in your preferred suburb/s to avoid paying too much.
What are the other costs involved?
You need to take into account all the other costs associated with the purchase of a home, and not just the price it’s listed for. A property that might seem to be in your budget may exceed it considerably once the other costs are factored in. Based on a loan amount of $400,000 here is a breakdown of some of the additional charges:-
* Settlement Agents fees – $1400
* Registration of Transfer – $172
* Registration of Mortgage – $85
* Bank fees and Charges – $600
Do I have to pay Stamp Duty?
If you are a first home buyer, and the value of a home does not exceed $500,000 then no stamp duty is payable. Where the value of the vacant land does not exceed $300,000 then no stamp duty is payable.
How much is the First Home Buyer’s Grant these days?
If you are a first home buyer purchasing a property worth under $500,000 you may also be eligible for the Government’s First Home Buyers Grant which is $7,000. For more information, and to download the application form, click on the link below:-
http://www.dtf.wa.gov.au/cms/osr_content.asp?id=198
If you are purchasing a property worth under $400,000 you may also be eligible fo the REBA Grant, worth an additional $2,000. Ask your real estate agent about the REBA Grant, and they will give you all the necessary paperwork, or alternatively it can be downloaded from the following link:-
http://www.reba.wa.gov.au/article.aspx?c=36&a=139
Tip – Don’t be afraid to ask questions
The only dumb question is the one you don’t ask. Buying a home is a huge commitment and should be well thought out before the purchase. Ask as many questions as you need to, and dont feel pressured by an agent to buy if you don’t want to. Remember, the only important thing is that you are happy and feel confident that the property meets your needs and is affordable.
Gemma Williams has a Diploma in Marketing from TAFE and a Commerce Degree, majoring in Marketing and Commercial Law from Curtin University of Technology. This has given her a solid foundation of knowledge including Public Relations, Business and Marketing Strategies, Law and General Commerce. Since joining Brendan Leahy Real Esate as Marketing Manager, her academic experience has been put into practice, and her enthusiasm and ideas will ensure that Brendan Leahy Real Estate continues to be the great success it has become. Brendan Leahy Real Estate (www.blre.com.au) specializes in market appraisals, houses for sale and rent in Perth, Kelmscott and WA.
