Last time I showed you how you can get an FHA loan to buy a new home in the U.S. with just 3% down-payment. Well, there’s also additional free government grants/aids for first-time homebuyers.
For those of you with enough down payment but cannot afford the closing costs, CHDAP can be great for helping you to get that money and it’s a “deferred” loan, meaning you might not have to pay any interests until years later.
These government grants/aids can help you get additional loans (with zero interest/deferred) and also help you get additional tax credits (on top of the $8,000 tax credit that the federal government is giving out).
Mortgage Credit Certificate (MCC), is a program that gives you a dollar-for-dollar tax credit (just like the $8,000 tax credit) on first-time home buyers that qualify, a 15% tax credit on your annual home mortgage interests.
These programs are real and you can use them if you are a first-time home buyer (and qualify).
I’ve documented on how to get these free government grants/aids for your new home on my Home Loans Blog:
- How to Get Down-payment/Closing Costs Assistance from your State, County, and City!
- How to Get FREE Tax Credits for your new Home Loan!
Hey, I am not a mortgage broker nor I am an expert on this subject but I found all of these things just by googling and looking up my State, County, and City’s websites. They are real and if you know how to type/qualify for them, you can expect maximum savings and get the home of your dreams.
Additionally, most cities/counties now offer government-granted loans for major home improvement with deferred/low-interests. These could also help current home owners get that major plumbing problem fixed without shelling out your money up-front.
Well, I hope these help people out there who never thought they could afford a new home. I thought that too, that it would be another 2-3 years before I can start affording a home in America.
Another note, this might not be the best time to buy unless you can get a really good deal on the house as mortgage interests/foreclosures are rising, many mortgages experts are saying that housing prices in the U.S. will continue to plunge and we have not hit the bottom yet. I have to agree, although not a mortgage expert, things aren’t looking too well and I think housing prices will continue to dive lower until unemployment rate in the U.S. starts looking up for the positive side.
Check out DrHousingBubble’s latest post and The Housing Bubble’s blog on more information about current housing price forecasts.
Interesting though, I am learning more about home buying process and learning about how mortgage/foreclosure rates and unemployment are affecting our ability to buy a new home. I will keep you posted on my own experience, I have just put offer on a house, I hope that goes well as I need a new home for Zedomax like yesteryear. :p
