Asked by Todd, Frisco, TX • Thu Nov 29, 2007
Hi. My wife and I are shopping for houses. We live in north Texas and are shopping some fairly new developments that are in a very undeveloped area.This will be our first home purchase, and we will be moving from an apartment. We have spoken with several builders and a couple of realtors and we seem to be getting a large mix of information, which is causing us some confusion.
For instance, we have been told that it is best for first time buyers to buy a new home rather than a pre-owned one due to the fact that the lenders will often pay the closing costs and the downpayment when using an FHA loan. They, of course, also mentioned the fact that new homes come with warranties to protect the buyer from extra expense down the line. My question is, are these incentives possible or available at all when buying a pre-owned home? And are we better off buying new? We don't have money for a downpayment, so we feel pretty limited. Any help would be great.
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