Home Buying in 60016>Question Details

Jamie Aykroid, Home Buyer in 60016


Asked by Jamie Aykroid, 60016 Wed Feb 25, 2009

Help the community by answering this question:


Realtors also have a new tool for determining which grants apply to which types and areas of homes. Calling the Federal, state & city for their programs page will also help. You may find that you qualify for private funding as well. Lastly, for another back up plan. Asking for information at your local library may give you more than enough resources.

Do know this however, if you haven't been able to save money to purchase a home by now and that's the only reason you are searching for a Grant... it may not be a great idea for you and here's why.

Homes are the largest purchase people commit to in their lives. They also come with repair bills. Roofing 7k+, Heating 3-5k, Windows and increased heating bills if left un-done. Water pipes that begin to leak and structural issues if left undone long enough. Again repair bills can mount up all the while worsening the resale price of your home. Free money sounds great but there's always a cost for everything.

Houses also need yearly insurance and property tax payments. Special Assessments for roadwork in your subdivision can escalate your payments without ample notice or options to defer them. There's no guarantee you'll get the funding unless it's already in your hands.

Remember not to repeat the mistakes of some past buyers and always keep an emergency fund in place for everything from buying new furniture to emergency room visits and roof leaks to kitchen remodeling.

The best feelings you should have are from owning your own home & having that sense of pride. You'll enjoy that feeling even if you are bombarded with unexpected bills but you have maintained a bank account with positive cash flow in it as a matter of habit. If you haven't given much thought to saving the money yourself -that should be your first task. With that habit created, grant money will be an enhancement to your overall buying plan.

Your next goal should be to learn about the systems that compose the building. When is/What kinds of maintenance are warranted to prolong your systems? What are common issues you can prevent? You'd be surprised how many people don't know things and allow minor repairs to become large repairs.

You must decide what to do. Professionals routinely are advised to provide unbiased information and use their expertise to facilitate your wishes. They are directed by you to complete your wishes and for legal reasons; if you don't ask questions, if you don't do your research that's not their fault. We can state facts but cautiously apply personal opinions. Interpreting future market conditions is a no-no as even professionals can be wrong. Relying on your sense of expertise will allow you to find the best representation and make the best decisions for yourself.

Finally, remember there is no place like home. You make what you want of it.
0 votes Thank Flag Link Sat Oct 27, 2012
There are several goverment loan programs and tax credits available. Sit down with a Mortgage Broker (Such as Myself) and discuss.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes Thank Flag Link Wed Feb 25, 2009
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