Frequently Asked Questions about Buying Your First Home

 by: Damon Thomas

The idea of buying a new home for the first time can be overwhelming for most people. It is probably the largest investment they have ever made, and the process itself seems downright intimidating. Here are answers to a few questions about homeownership from www.casanuevahouston.com and www.casanuevasanantonio.com. Much more information is offered online at these websites.

How do I know how much I can afford?

Most people like to think of it in terms of their monthly payment. A good rule-of-thumb is that your total monthly payment will be about 1% of the purchase price. If a new home costs $100,000, the total monthly payment will be about $1,000.

What kind of down payment is needed? How much money is needed for closing costs?

With 100% financing, which is often available, you typically need about 3% out of your own pocket for various closing cost such as taxes and insurance. So, for a $100,000 loan that is 100% financed, you would need about $3,000 total cash. There are also home buyer assistance programs that can provide down payment grants to qualified applicants.

How much income do I need?
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Frequently Asked Questions about Buying Your First Home
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About The Author Damon Thomas is a contributor to www.casanuevahouston.com, a Houston-based company providing information for new home buyers.

Additional Resources

category - Home Buying Programs

First Time Homebuyer Programs in Maine
The first time homebuyer programs of MaineHousing are all especially designed to contribute to the achievement of its primary agency mission which is to "assist Maine people to obtain and maintain decent, safe, affordable housing and services suitable to their unique housing needs."

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Keystone Home Loan PLUS Program
The Pennsylvania Housing Finance Agency, otherwise termed as PHFA, is an independent agency established in year 1972 in an attempt to assist the provision of reasonable and affordable housing opportunities the elderly, persons and families of modest means, and people suffering from disabilities.

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Construction Incentive Program for First Time Home Buyers in New York
Under the State of New York Mortgage Agency, the Construction Incentive Program has been established. The goal of this program is to enable the construction of one and two family homes through the provision of funds, up to 97% of the value of the property, to eligible low to moderate income first time home buyers.

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First Time Homebuyer Programs in Montana
The Montana Board of Housing, otherwise referred to as BOH, was primarily established to to provide decent, safe, sanitary and affordable housing for lower income individuals and families in the State of Montana.

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