first time home buyer loans or grants?

Deal Score0

i was thinking about buying a house at the beginning of the year, its this one here:

and i was thinking about getting a first time home buyer loan but i don’t quite know how they work. by the conditions listed i know me and my gf qualify but how does that work with actually buying the house? would that push the monthly mortgage up or is it a grant? would i have to get the loan for the house at the same bank i get the first time buyer loan? and being that i’m getting the first time loan that supposed to cover down payment and closing costs, would i have to pay anything out of my own pocket or will the bank tell me that?

here is the first time buyer program for my state:

any help is greatly appreciated.
how will that be out of my pocket if the first time home buyer program offers up to 8000 “Down Payment Assistance” if thats not what it means then what is it for?

  1. Reply
    Janet P
    May 3, 2011 at 12:48 am

    That is a pretty good interest rate, that is the only thing it provides.

    You still have to pay your own deposit, at least 3.5% and pay your own closing costs, although the seller can pay half. Count on another 7k for all of the fees. Closing costs and the downpayment MUST be out of pocket, you can not borrow money for them.

    There are no grants to give property to people.

  2. Reply
    May 3, 2011 at 1:35 am

    I would suggest speaking to a knowledgeable loan specialist at the bank you’re attempting to apply at.

  3. Reply
    real estate guy
    May 3, 2011 at 2:25 am

    talk with a lender that actually knows the program. Stop guessing.

    However, as of 3 weeks ago, you said you didn’t have a job. And your girlfriend is only 16, which means she can’t purchase a home.

    PS, NEVER!!!!!!!1 buy a house with a girlfriend, especially if you are looking at dating sites.

    Leave a reply

    Register New Account
    Reset Password