The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

Help for First-Time Home Buyers

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Real Estate
Reading Time: 3 mins read
first-time homebuyer
9
SHARES
147
VIEWS
Share on FacebookShare on Twitter

A Facebook follower wrote me saying she earns about $30,000 a year, asked about buying a home with little to no money down.

If you or someone you know is trying to become a first-time homeowner, and you don’t have a high salary or a lot of savings, there is financial assistance available if you don’t have a large down-payment or enough money for closing costs.

Over the past decade there has been a surge in first-time homebuyer initiatives designed to give people a helping hand in overcoming the down payment dilemma.

In fact, in every state in America there are a broad range of first-time homebuyer assistance programs, including:

  • Free grants and cash gifts for down payments – with funds ranging from $500 to as much as $40,000
  • Money for closing costs, prepaid escrows and other mortgage expenses
  • Grants or loans to fix up homes in need of repair
  • 100% financing programs, so that you pay zero down on a home
  • Home loans that feature 0% interest, low interest rates or below-market interest rates
  • Mortgages with loan forgiveness benefits or no payments for a set period of time
  • Federal and state housing tax credits
  • Homebuyer workshops to teach you about the rights and responsibilities of being a homeowner
  • Mortgage education classes that explain the mortgage process
  • Budgeting, credit counseling, money-management and overall financial planning services

No matter where you reside or where you’re looking to settle down, if you’re a first-time homebuyer, there’s a program that can help you purchase a house.

And virtually every type of residence is eligible under these programs, including single-family homes, condominiums, townhouses, modular homes, and manufactured housing. Many assistance programs have income limitations, particularly those that provide city, state or federal funding. But other programs have no income criteria.

Also, certain housing assistance plans impose caps on the purchase price of the property you can buy. Despite these restrictions, you’ll find that taking advantage of a first-time homebuyers’ program is one of the smartest things you can do. It will allow you to get into a home sooner, save money in the process, and simultaneously build wealth.

Even if you’ve already been successful at saving on your own, I highly recommend that you utilize a first-time homebuyer program for three reasons. First, if you can get down payment assistance, and you combine that money with your own savings, you’ll walk into your new home with a greater piece of equity.

Second, using funds from a first-time homeowners’ initiative can allow you to keep some of your own savings in the bank as cash reserves – rather than depleting all of your money for the down payment and closing costs. Finally, many first-time homebuyer programs have a mandatory homeownership counseling component.

Consequently, the knowledge and skills you’ll gain from this counseling will make you better-educated and more prepared for homeownership as you make the transition from renter to owner.

Google the phrase “first-time homebuyer program” along with your city or state to find programs in your area.

You can also pick up a copy of my book, Your First Home, for specific homeowner assistance programs in every state. Chapter 4 of Your First Home details eight sources of aid you can turn to for financial and educational assistance in buying a home.

These eight sources include:

  • Federal and/or National Programs
  • State Aid
  • County Initiatives
  • Local/Municipal or City Efforts
  • Non-Profit and Community-Based organizations
  • Lender-Specific Programs
  • Programs Based on Your Job or Occupation
  • Employed Assisted Housing Initiatives

Becoming a first-time homebuyer is an exciting and commendable goal. Just make sure you’re truly ready for the rights and responsibilities of homeownership.

Tags: first-time homebuyer
Previous Post

Student Loan Cancellation Explained

Next Post

Got Medical Bills in Collections? Avoid This Scam

Related Articles

buy a house
Covid-19

Should I Still Buy a Home During the Coronavirus Pandemic?

by Lynnette Khalfani-Cox, The Money Coach
Couple celebrates after buying their first home because they followed a home buying guide
Real Estate

3 Home Buying Hacks to Buy a House in 2020

by Guest Blogger
AskTheMoneyCoach- HELOC
Loans

Is a HELOC Right for You? Pros, Cons, and Considerations to Make

by Guest Blogger
homeownership
Real Estate

Hidden Costs of Owning a Home

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox - Homeownership Smarts
Real Estate

Are You Ready for Homeownership?

by Lynnette Khalfani-Cox, The Money Coach
tiny home
Real Estate

Should You Downsize to a Tiny Home?

by Lynnette Khalfani-Cox, The Money Coach
selling your home
Real Estate

5 Tips to Save Money When Selling Your Home

by Guest Blogger
mortgage terms
Real Estate

5 Confusing Mortgage Terms Explained

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox
Real Estate

Video: Risk of Buying Real Estate for a Tax Purpose

by Lynnette Khalfani-Cox, The Money Coach
Next Post
medical debt

Got Medical Bills in Collections? Avoid This Scam

Please login to join discussion

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist