Money Matters
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State Housing Programs

DH and I want to buy a house in the future.  I have looked into first time homebuyer programs for our state and they offer a 100% finance mortgage, 30 year low rate.  We plan on saving up for a while...personally I would like to have 20k saved up before we start looking.  Are the First Time Home Buyer programs a good idea.  They also have down payment assistance and closing cost programs.

Re: State Housing Programs

  • Good luck and congrats!.... but did you have a question for this board?
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  • imageVikingsfan 71713:
    Good luck and congrats!.... but did you have a question for this board?

    The question was whether or not first-time home buyer programs are a good idea.

    OP, I don't know much about them, sorry. 

    image

    "You know you're in love when you don't want to fall asleep because reality is finally better than your dreams." - Dr. Seuss

    TTC #1 August 2014. BFP 9/26! EDD 6/9/15
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  • imageApollo11235:

    imageVikingsfan 71713:
    Good luck and congrats!.... but did you have a question for this board?

    The question was whether or not first-time home buyer programs are a good idea.

    OP, I don't know much about them, sorry. 

    Wow! I feel stupid!! Lol! I don't know how I missed that. I can tell you about my experience with that- when I was looking for my first house the lender was trying to help me out by finding me something like this. It ended up not making sense- closing costs for some reason were much higher than a traditional loan. I would just make sure you shop around before you decide to go with the first time homebuyers program. It definatley did not work out for me. My bank that I had been using for years was better.
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