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.
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