Is it true that the state helps you buy a house if is your first time buying one? thank you
Down payment assistance programs are available through state and county programs but generally to low income families only. There are income limitations and sometimes zip code limitations or other geographic parameters placed on the funding. Income is based on total household income.
To find out what is available in your area search for 'down payment assistance programs in ____' where you put your state or county name in the blank.
Also search for your state's "housing finance agency" which often have incentives for first time buyers.
I work for a HUD certified housing counseling agency that also builds affordable housing. Many of our clients utilize downpayment assistance programs and/or financing from our state's housing finance agency. Each particular program has specific guidelines that are often, but not always, based on household size and income. "Low Income" is often a misnomer because all it means according to HUD is a household earning below 80% of the area median income. I fall into this category due to household size even though I earn a decent salary because we live in a really high income area.
The grants are typically forgivable over a span of time, I've seen a range of 5-15 years, the home has to be your primary residence, and the grant is secured by a soft second mortgage, the home may be required to be subject to a time bound affordability restriction on the deed which means if you sell it before the affordability period expires you would have to sell the house to an income qualified household.
Here's a link to find your state's Housing Finance Agency so you can click through to their website for programs particular to your state. https://www.ncsha.org/housing-help. Also you can search for "downpayment assistance for X county or city" which would help locate more local run programs.
Most areas have a HUD certified housing counseling agency where you can take the 8 hour homebuyer education course and receive sound advice from a certified housing counselor. We also tend to be more aware of the downpayment assistance programs, how to apply for them, as well as lenders with portfolio product that comes with incentives or discounts as well as no PMI. Here's how to find one near you: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
Thank you so much! I see you from new jersey.(saw you was from jersey in another thread lol). I am from jersey as well..
thank you, I am searching little by little where I want to buy a house. Taxes are crazy here in nj
Tell me about it. Overall Morris County, Monmouth, and Ocean counties have the most reasonable property tax in the central and northern part of the state. The farther south you go the less it is as well.