Are there programs to help first time home buyers? If so, what do they require?

Asked by Mccancan, Brooklyn, NY Fri Feb 3, 2012

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stephen webb…, Agent, Kirkland, WA
Mon Apr 8, 2013
Yes there is assistance, grants and the MCC Tax Credit. You will find articles on each at Your-Road-Home.com. You will also find the link to your state. Be sure to read artilce #9 about the MCC Tax Credit. I am receiving emails from people having difficulty finding the MCC. It is the best tax credit ever but you must register before you close on you loan. And dont let anyone talk you out of it. Some friends of mind including the MCC are paying five hundred dollars a month less taxes and they can increase their deduction with there employers so they dont have to wait until the next year to recieve their savings. Some lenders are appling the tax savings to the borrowers income and so a larger loan.
If you have any problem finding the MCC in your state email me and I will help.
The loan officer and lender you choose are a crtical choice so also read Consultation Interviewing Loan Officers. Gather all the objective information you can before you make your choice. Trulia is also a good source of information. When yu are ready you will find agents and loan officers from your area offering their services on Trulia.
Best of Luck, Stephen
0 votes
Rhonda Holt, Agent, New York, NY
Sat Feb 11, 2012
Hello, there is a great program with the Neighborhood Housing that I have personally worked with to get buyers a home in the last several years. Of course, you have to qualify for the free grant by income and the amount of people in your household, and how much of your own cash you have available.

Click on the link to go to the site. Call me if you need an experienced agent that understands how to work with the program.

http://www.nhsnyc.org/en/programs-and-services
Web Reference:  http://www.RhondaHolt.com
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Sat Feb 4, 2012
Dear Mccancan:

You can gets plenty of information if you go to http://www.Google.com and conduct a search using the terms "HUD", "SONYMA", "FREDIE MAC" AND "FANNIE MAE." Some programs offer reduced closing costs, lower interest rates and down payments as low as 3%. A US veteran can even purchase with no money down.

Your best bet is to sit down with a mortgage banker and get yourself pre-qualified. In order to do this you must provide copies of your last two years tax returns, W-2s, last three months bank statements and allow your credit report to be run. After that you will know how much you can borrow, what the closing costs will be and how much owning the home will cost you on a monthly basis.

If you need further assistance with this feel free to contact me, I can give you more info over the phone. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Martina Ryan, Agent, Bayside, NY
Fri Feb 3, 2012
Try this website http://www.nyhomes.org/Home/Buyers/SONYMA/LowInterestRatePro…
You could qualify for a 3% down program. Good luck.
0 votes
Irene Guanill, Agent, Bronx, NY
Fri Feb 3, 2012
In New York you have the advantage of (NHS), Neighborhood Housing Services and they help to repair your credit, help you with home buyer education for $100. and help with down payment and closing cost assistance. You can check your cable station, 311 or hud.gov for the location nearest you. If you work in Manhattan there is also a location on 37th Street. I am a Real Estate Broker and Licensed instructor and have taught some of the classes for home buyers. It is a 5 week course for $100.00 but they really help you with the money side of the purchase and can help find you a buyers agent as well.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Feb 3, 2012
If you haven't done so yet, visit with with any licensed loan officer; also see links for helpful information.
http://www.nyhomes.org/Home/Buyers/SONYMA/index.htm
http://www.hud.gov/local/index.cfm?state=ny&topic=homeow…
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