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reckedracing · 06-27-2008, 10:23 PM

Well, since the mortgage industry screwed itself with lax credit restrictions, interest only mortgages, and adjustable rate mortgages (ARM's) they have been really tightening up the mortgage/credit standards for mortgage applications. It could really help to look around your local area for programs that help people get their first home.

SONYMA in NY has a closing cost assistance program with a current fixed rate of 5.625 for first time home buyers that meet certain requirments.

There are also savings programs such as the First Home Club which can back you with 3 dollars for every 1 dollar you contribute, giving you as much as $5k when you buy your house.

There are also many programs on smaller levels, like county programs that give out federal grant money, even as much as $20K to rehab a house to make it liveable. 15 year lien for $20k in rehab isn't a bad deal (0 payback if you live there 15 years), especially if you're having a hard time finding a first home that affordable.

As with most of these types of assistance programs, the less you make the better you can be, so just because you have a low income, don't think you could never buy your own home.

getnick · 06-27-2008, 10:27 PM

you also don't have to have a high income to get your credit rating up. pay all your bills on time and don't build up credit cards, and you can look at getting your own home.

it's easy to be an ideal lender these days. you just need a job, good credit history, and low debt/income ratio. if you are willing to start with something that needs work, you could be in a home very quickly.

06-27-2008, 10:23 PM	#1 (permalink)
reckedracing Greenhorn Join Date: Aug 2006 Age: 28 Posts: 26 Rep Power: 3	With the mortgage industry in a crisis, it can pay to look into helpful programs. Well, since the mortgage industry screwed itself with lax credit restrictions, interest only mortgages, and adjustable rate mortgages (ARM's) they have been really tightening up the mortgage/credit standards for mortgage applications. It could really help to look around your local area for programs that help people get their first home. SONYMA in NY has a closing cost assistance program with a current fixed rate of 5.625 for first time home buyers that meet certain requirments. There are also savings programs such as the First Home Club which can back you with 3 dollars for every 1 dollar you contribute, giving you as much as $5k when you buy your house. There are also many programs on smaller levels, like county programs that give out federal grant money, even as much as $20K to rehab a house to make it liveable. 15 year lien for $20k in rehab isn't a bad deal (0 payback if you live there 15 years), especially if you're having a hard time finding a first home that affordable. As with most of these types of assistance programs, the less you make the better you can be, so just because you have a low income, don't think you could never buy your own home. Last edited by reckedracing; 06-27-2008 at 10:27 PM.

06-27-2008, 10:27 PM	#2 (permalink)
getnick Super Moderator Join Date: Aug 2006 Location: West Coast Posts: 531 Rep Power: 4	you also don't have to have a high income to get your credit rating up. pay all your bills on time and don't build up credit cards, and you can look at getting your own home. it's easy to be an ideal lender these days. you just need a job, good credit history, and low debt/income ratio. if you are willing to start with something that needs work, you could be in a home very quickly.

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