The Complete Guide To Buying A Home: Chapter 09 – Programs For Home Buyers

According to the Census Bureau, 67% of Americans own their homes. That still leaves a huge number of people who cannot buy their own houses, often because they can’t afford the closing costs, or they don’t meet the down payment requirements of commercial loans.

This is what we’ll be discussing in Chapter 8 of The Complete Guide To Buying A Home that you can read online at https://davebailey.me/go/homebuyer

Programs For Home Buyers

GRANTS FOR FIRST-TIME HOME BUYERS

Grants can be just as important as loans when buying your first house. First-time grants for home buyers can be a significant source of funding, and unlike a loan or a debt, a grant won’t have to be repaid. Often, these programs are aligned in areas where the government wants to capitalize on the revitalization of a community. This makes “urban homesteading” a viable and less expensive option for the first-time buyer. These grants are a boon for both home buyers and the community.

Most grants help to connect with down payments or the costs of closing. There are also programs that provide funds for other purposes in the process of buying a house. Many of these programs offer loans that don’t have to be repaid, a very helpful thing for someone who has all the elements of a successful home buyer but needs down payment assistance.

Given the lower requirements for down payment, Federal Housing Administration (FHA) loans are a natural — if not a perfect — fit for the many down payment assistance programs available to help you on your way to buying a home. Most federal grants are targeted to the first-time home buyer and are intended to help those individuals get started toward home ownership.

PENALTY-FREE IRA WITHDRAWALS FOR FIRST-TIMERS

First-time home buyers are eligible to withdraw $10,000 during their lifetime from their Individual Retirement Accounts (IRAs) without paying the 10% penalty for withdrawal before the age of 59½, assuming certain requirements are met. The biggest requirement is that the money must be used to buy or build a primary residence (not a vacation home).

Watch the video and then read the corresponding chapter of the Complete Guide To Buying A Home. Then ask David your questions, so he can record more videos answer them and provide more clarification as needed.

If you are looking for a home in the area, call me at (727) 249-4022 so we can talk about what you’re looking for. We’ll work together intensively to help you buy a home

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