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

Department of Housing and Urban Development's Dollar Homes Program
The Dollar Homes Program revolves around the process of selling single family homes for a superbly reasonable price of $1 (plus closing cost) to low-to-moderate income families, granted that these houses have been acquired through foreclosure by the Federal Housing Administration, and have already been actively marketed for at least six months and still remained unsold after that certain period of time.

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Downpayment Assistance Program for the First Time Home Buyers in North Carolina
In an attempt to contribute to the eradication of this problem, the North Carolina HFA has established the Downpayment Assistance Program for the First Time Home Buyers wherein they provide interest-free, deferred second mortgages up to $8,000 to cover the downpayment and closing costs of a chosen property.

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Ohio Heroes Program for First Time Home Buyers in the State of Ohio
One of the most popular programs of the Ohio Housing Finance Agency is the Ohio Heroes Program which is exclusively intended for active military men, active reservists, veterans, firefighters, emergency medical technicians, paramedics, and several other individuals with noble professions.

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First Time Homebuyer Programs in Georgia
In July 1996, the Governor and General Assembly made a vital decision to join together the Georgia Housing and Finance Authority (GHFA) with the Department of Community Affairs.

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