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I heard that a first time home buyer can receive up to 30k in down payment which do not have to be repayed is

this true
Mon May 5 2008, 15:56 - Spring Branch East - Home Buying - 4 answers
 
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Silvanh
Home Buyer
in Texas
Silvanh, Home Buyer in Texas in Texas
Answers (4)
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Jason Sandqu… was FIRST TO ANSWER
Silvanh,

$30,000 sounds high to me, but there are programs in different cities that normally provide some kind of down payment assistance. I've typically seen this in bigger cities that have housing departments. There are typically income limitations and what I've seen is that they will build housing let you buy it and live in it and after 3-5-7 years forgive whatever loan the provided. Normally downpayment and perhaps some closing costs. That way low income families who have not been able to save down payment and closing costs, but can afford a monthly payment are able to get in a nice home. Check with your local city housing department for information on these programs.

Tue May 6 2008, 04:10
Web Reference: http://www.teamlynn.com
 
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In Bryan and College Station we have programs for disadvantaged buyers who meet income guidelines. It is $7,500 in forgivable loans. The loans are completely forgiveable in 7 years if you keep the house during that time, and follow their guidelines. In areas of economic development those can increase to $15,000. To meet their income guidelines you will barely qualify for a payment though. A family of two can only earn about 38K annually.

Mon May 5 2008, 16:32
Web Reference: http://www.ChrisTesch.com
 
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WOW that seems to be extremely high many are city programs too entice home buyers into areas that are under redevelopment where many may not want to live. However the city does place a lien on a home if you sell the house prior to expiration date of the "gift" it would have to be repaid at closing. however if you exceed live in the home past the agreed date many are 5 years + then the money is yours. The lien is removed from the home. GREAT way to make money however there are restrictions, prior to purchasing a home you need confirm the money is still available there is only a limited amount of funding.

Mon May 5 2008, 16:12
Web Reference: http://www.lynn911.com
 
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FIRST ANSWER
There are all kinds of first time homebuyer programs. It is best to consult with a local loan officer who could better figure out what works best for you.

Mon May 5 2008, 15:59
 
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