Help for first time buyers

NeuroJo · November 2013

Hello,

I'm recently married and my husband and I are now looking into buying a house. A few years ago it seemed as though there was a lot of help for first time buyers, but now it seems as though there is not so much help around. We looked at the State level (Massachusetts) but all State programs seemed to be tied to a level of income that we *just* exceed.

Is there any Federal help for people at the low end of the middle like us?

Thanks for any info you can provide.

MommyLiberty5013 · November 2013

All the first time home buyer credits are no more as their purpose was to stimulate the downturned economy back when it tanked in 2008 and 2009 due to the housing/real estate crisis.

Other than FHA loans, I have not heard of any other Federal "helps." And, FHA isn't a monetary "help" it's a kind of home loan. So, to more directly answer your question, I do not think there is any more "free" money to be had to buy a home.

Just the old-fashioned way - save!

Check out the book Home Buying for Dummies, it may help answer some other questions.

LoveKiss · November 2013

If you are looking in a rural area, you may qualify for a USDA 0 down loan. It's not necessarily 1st time buyer assistance, but it is a way to get a loan with less money down. That said, I wouldn't recommend doing a 0 down loan because you can't manage to save money in the first place. If you are not in the habit of saving money ahead of time, you'll be SOL as a homeowner dealing with all of the unplanned expenses that come with the territory. No matter what, make sure you have a 6 month emergency fund in addition to a healthy house fund (down payment + closing costs + immediate house expenses).

NeuroJo · November 2013

I guess that I'm not missing anything then.

Thanks for the replies!

iteachkids81 · November 2013

Only thing I can think of is STAR for tax reductions.

Janessadawn · November 2013

You may look into Homepath. I think it's only Fannie Mae foreclosures but I know there is some special, low-down financing available as part of it. I looked into it briefly at one point but we decided to go a different route. http://www.homepath.com/

moonprincessd · November 2013

There are some tax reduction type things, but that's all I know of. You normally have to live in the house for a certain period of time. My husband's sister bought a house like that, she has to stay in it for 5 years and then she'll get $5,000 back

Sillygirl45 · November 2013

There was a $3,000 credit earlier this year, but it was first come first serve and I don't know if it was federal or state. I would ask though.

Pwitty2005 · December 2013

I would consider talking to a CPA/accountant. If you are really that close to the income level that would qualify you for state programs, you may be able to make some changes regarding investment/retirement/insurance choices that would lower your taxable income to a level that would allow you to qualify for the state programs you have found (assuming they go by taxable income, but I think they would!)

Help for first time buyers

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