Buying Your First House

So I'm trying to buy a house, but I can't find anywhere to figure out what state and federal grants I can get (I know they exhist). I am tryying to purchase a home in Champaign Illinois, for those of you that care.

Ive checked online trying to find grants, but I cant find any sites that don't look like a scam.

Please help me, I need to do this soon.

P.S. Any one that can help me can claim crashing rights on my couch for 1 weekend a year.

If you ever saved any money in a 401K fund you can withdraw it without penalty for a down payment on a first home.
If not, I can't help. Heh, sorry.

Ahh...I've never heard of any such thing here in Michigan, could be different in your state, though. My mom's been in the business for about 10 years, and I've been working in it for the last two (not as an agent, but yeah). The only time I've seen any sort of "grant" is for HUD housing, and I don't think that's what you're looking for...

Perhaps a loan is what you're looking for?

I know about the loans, and there is a small subsidy gift I qualify for, but I do believe there to be grants besides HUD available, but I cant find lists anywhere.

God Damn it Clara, I love you. I really need to take a look inside your head some day. (not ment in a sicko kinda way) You always seem to have the info people are looking for.

Clara is the first to recieve one weekend a year at fabulous club Hellix.

Sounds like you're looking for programs like "Fanny Mae" and "Freddy Mac." Many regular banks participate in these programs. I believe 'Fanny' is buying and and 'Freddy' is building your one home but I'm not positive. You can probably get some info on these programs by doing a Google search.

Many of the on-line mortgage companies participate too. The advantage to using ione of these program is waiving/reducing the down payment. If you use these program you will be unable to rent out your property for a long-time or maybe not until it's paid off. With a regular loan you can usually rent after a year if your circumstances change and you dont want to sell out.

I went through Cendant Mortgage to buy my house. I put about 10% down and had to pay PMI (Private Mortgage Insurance) until the house was apraised and found to be worth more than 30% of the mortgage value.

Your interest rate will vary based on a lot of things like credit history, down payment, income, how much you already owe including how much you carry-over on your credit cards. Rates are fairly low right now so I'm planning to re-finance soon and you may want to try before they go up again.

That's all I can think of for the mortgage technicalities.

Some other things to keep in mind are that everyone really works for the seller. Agents, brokers and inspectors who queer a deal are often cut-out of the loop. Unless the property you are buying has a defect that could incur liability on these folks they may minimize any deficiencies so look as closely as you can and in all the nooks and crannies. I've found a few things my inspector missed but nothing worth suing over. If your state allows the seller's agent to also be your agent then sign them up. It only means something on paper but may give you a few more legal rights.

I apologize to any real-estate professionals in the membership, who may think I'm knocking you. My agent did ensure that I knew where the boundaries were since they werent the same as the hedge lines implied and made sure I knew that the septic line ended a quarter mile up the street.

Take your time selecting the house. Dont be pressured into buying over your head. Fixer-uppers are a good deal if you like fixing up but otherwise turn-key is a smart-move. It's ok not to buy if you dont like the house no matter how pleasant the agent or seller.

That's all I can think of for now without rambling. Good luck!

*posts in this thread just so I can find it easier later when I go to look for a house*

hellix, today is your lucky day!!!! I'm a mortgage banker, and your question is actually simply answered.

FIRST- You have no need/want for a grant, those government sponsered grant programs don't offer the same rates as other 100% programs.

SECOND- Call a local mortgage banker, not a broker or a bank, but an actual mortgage institution. Some larger banks do have mortgage divisions like Wells Fargo, US Bank, Washington Mutual & Bank of America. Avoid broker's since they are a third hand source of funds, thus costing you money in the long run.

THIRD- Upon contacting someone that you're comfortable with, inquire about programs such as "80/20's", "103%" and other 100%+ programs they have available. However, many of these programs will have certain restrictions to credit scores and debt to income restrictions.

If you follow these simple things, you should be able to do just fine. Also, if you drop me an e-mail, I can give you a direct referal to someone in your area.

GOOD LUCK!

Oh, and if you do have lower credit scores, then the "grant" programs like Neiamia and Ameridream might be adequate to get you into an FHA (GNMA) loan which would have better flexibilty.

Peace and chicken grease.

I would but I'm at work... my way I can check when I get home easier. Thanks for the tip tho.

Noooooooo that company is horrible, My Grandma is in a class action lawsuit with them. Hellix Iwill email you soon or something with info that you need. We bought our house, its 2,000 square feet, two story, and it only cost us 32 grand. Trust me you can find good deals

[Edited on Mar 10, 2004 by dravenraine]

You get HELLA breaks for first time buyers. $0. down. Fanny Mae foundation.

I really need all the help I can get so
"BUMP"

Buying a house... shit...

I wish...

**Ahem** This sir, is your lucky day. We have an opening in one of our finer units.



This is NOT a hijack, only a way to bump your thread using humor.

[Edited on Mar 10, 2004 by uglyart]

Do you have something in a more Victorian style.. you know, with the cardboard lid?

i've got plenty of Victorian cardboard boxes... i'll sell you one, cheap!

One of my friends had a house built a couple of years ago (two story house in a nice neighborhood), and he got a cheap deal.
Something to do with the government giving him money or lowering the price because his income is low.

I don't remember the details, but I will have to ask him and post something about it here, since there seem to be a few people curious about buying/building a house.