Bala,

While there are still many great programs available, and FHA is actually 97% now. 100% Financing though is pretty much dried up these days, not available anymore with a lot of Lenders. The VA Program (For qualifying Veterans) is still a great program...offering 100% financing and 6% allowable Seller Assist for Closing Costs. My recommendation would be the speak with a Local Mortgage Professional to explore the best options for your particular situation.

Wed Apr 2 2008, 08:06

Bala,

There aren't very many 100% programs out there that are left. There is FHA which the max is 97.75 and the other 2.25% can be gifted or given by the seller to an approved grant program. Also USDA is a great great program with no PMI and low rates. Let me know if I can be of any more assistance

Tue Apr 1 2008, 12:21

Your best bet is to search http:// www.HUD.gov. There you can search out each county and find any incentives they are offering.

Mon Mar 31 2008, 10:45

There are many programs offered to first-time home buyers. I would have your realtor recommend you to a couple of different mortgage companies. The 2 companies we typically refer people to are Boulevard Mortgage and Sovereign Bank. There are grants of $5K available and $2K available that if the person qualifies, it can be set up in the loan. Otherwise, there is FHA and so forth. Also, the rates on these loans are quite attractive, currently in the high 5s I believe.

As far as tax abatements most of the new construction has tax abatements - many of our listings we are marketing the developer's project qualified for the tax abatement. And in some areas, such as 19122, there might not be a tax abatement but the taxes are so low anyway that it acts the same way !

For more helpful hints visit our website below. Good luck !

Mon Mar 31 2008, 04:51