Want to get smarter about buying a home?
Try our AI assistants. They are part of our home buyer education course.
Apps for home buying is a list of helpful resources.
The AI assistants are built on open.ai, chatgpt. For an insightful experience with them, try the links below. You will need an open.ai account - free. Try them out. You can use the defined prompts/links we created or use your zip code, etc.
Learning to use the chatgpt's is a real time-saver. We provide training and examples as part of the home buyer education course.
- Home Market Predictions - Read about, AI-Powered Home Market Predictions - Housing Market 2024
- Real Estate Commissions, Services and Fees - Read more, What Homebuyers Need to Know About Buyer Agent Fees in 2024
- Neighborhood Insights - Read more about, AI-Powered Neighborhood Insights
- How to buy a home - Read more about, How to buy a home
- What is a mortgage? How to qualify for one. Try our AI Chatgpt - What is a mortgage, it includes a mortgage calculator, an amortization schedule calculator and what is a mortgage - free, fun, easy. Read more about, How to Qualify for a Mortgage
Starting July 18th, 2024, Real estate commissions and a couple of other real agent practices are changing because of a lawsuit settlement with the National Association of Realtors. What Homebuyers Need to Know About Buyer Agent Fees in 2024
Unlocking the Door to Your First Home: A Guide to First-Time Homebuyer Programs
Hey there, future homeowner! Are you feeling both excited and overwhelmed at the thought of buying your first home? Trust me, I've been in your shoes. When my husband and I decided to take the plunge into homeownership, we had no idea where to begin. But through a lot of research and help from some amazing resources, we discovered the world of first-time homebuyer programs that made our dream a reality.
This is the Google Home Affordability Calculator - Get an idea on what you can afford.
I remember sitting at our kitchen table, surrounded by stacks of paperwork and feeling completely lost. That's when a friend told me about The Chenoa Fund, a program that provides down payment assistance to first-time buyers. It was like a lightbulb went off - I had no idea these types of programs even existed!
As we dug deeper, we found so many incredible resources designed specifically for people like us. From USDA loans that offer 100% financing for homes in rural areas, to VA loans that provide amazing benefits for veterans and service members, the options seemed endless.
Get an idea of what it cost to buy a house in the US from the Federal Reserve.
First Time Homebuyer Programs - Down Payment Assistance
One of the biggest hurdles we faced was saving up for a down payment. But then we discovered programs like The Dream Maker, which helps with down payment and closing cost assistance. It was such a relief to know that we didn't have to have a huge sum of money saved up to make our homeownership dreams come true.
First Time Homebuyer Programs - Credit Reports -Mortgage Prequalification and Mortgage Preapproval
Of course, navigating the world of mortgages and credit scores was a whole other challenge. But thanks to resources like Annual Credit Report, which allows you to access your free credit report every 12 months, and FHA loans that offer more lenient qualification requirements, we were able to get a clear picture of where we stood and what we needed to do to qualify for a mortgage.
What is mortgage prequalification?
Prequalification is an early step in your homebuying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check.
Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.
What is mortgage preapproval?
Preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check. If you’re preapproved, you’ll receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days.
First Time Homebuyer Programs - Neighborhood Amenities
But buying a home is about so much more than just the financials. It's about finding a place to build a life and put down roots. That's where resources like Walk Score come in handy, allowing you to explore the walkability and nearby amenities of potential neighborhoods. And GreatSchools is a fantastic tool for researching local school ratings, which was a top priority for us as we planned to start a family.
Looking back on our journey to homeownership, I'm so grateful for all of the resources and programs available to first-time buyers. It's not an easy process by any means, but with the right tools and support, it's definitely achievable.
First Time Homebuyer Programs - Home Buyer Education Course
If you're feeling overwhelmed or unsure of where to start, I highly recommend checking out some of the links I've shared and reaching out to a trusted real estate professional who can guide you through the process. And don't forget to take advantage of educational resources like homebuyer education courses, which can provide invaluable information and support.
Buying your first home is a big deal, but it's also an incredible opportunity to build a future and create lasting memories. So take a deep breath, do your research, and don't be afraid to lean on the resources and support available to you. With a little determination and a lot of heart, you'll be unlocking the door to your very own home sweet home before you know it.
First Time Homebuyer Programs - Helpful Resources
First time home buyer programs
The NAR FAQ's from the 2024 National Association of Realtors 2024 settlement.
The Consumer Financial Protection Bureau - Newsroom.
Yahoo real estate news and Hosing news
Altos Research - Housing Market Data
Mortgage data (HMDA) - HMDA data are the most comprehensive source of publicly available information on the U.S. mortgage market. Learn more about mortgage activity from these data sources or download the data for your own analysis.
HousingWire - News on the real estate industry.
Finding Comps - Zillow - comparable market analysis (comps).
Consumer Financial Protection Bureau - Find clear, impartial answers to hundreds of financial questions.
Nationwide Financial Assistance Programs:
- The Chenoa Fund
- The Dream Maker
- USDA Single Family Direct Loan
- USDA Single Family Guaranteed Loan Veterans Administration Home Loan
Credit Report Information:
Your rights to your free annual credit reports.
Federal law requires each of the three nationwide consumer credit reporting companies - Equifax, Experian and TransUnion - to give you a free credit report every 12 months if you ask for it. They also make it easy to accomplish many credit-related tasks right from your computer. Annual Credit report
For additional information about credit reports go to Federal Trade Commission.
Community Resources:
Mortgage Resources:
You bank.
FHA Loans: Borrowers can qualify for loans with as little as 3.5% down.
USDA: The US Department of Agriculture operates a home loan assistance program. You don't have to be a farmer or live on a farm. The program focuses on rural areas and allows up to 100% financing by giving guarantees to lenders.
Good Neighbor Next Door:
The US Department of Housing and Urban Development (HUD) sponsors this program, which was originally called the Teacher Next Door Program. It was later expanded to include emergency medical technicians, law enforcement and firefighters. It allows 50% discounts off the list price of homes located in revitalization areas. You must live on the property for at least three years.
VA Loans: The US Department of Veterans Affairs helps veterans, surviving spouses and service members buy homes with no down payment or mortgage insurance:
Benefits.
