grants - Liberty Bank Inc

5 Mistakes That Could Hurt Home Buyers

By | Home Buyers
Home ownership is part of the American dream, here are a few tips to help you avoid common mistakes when buying a home.

Down Payment Programs Make Financing More Difficult.

There are now more than 2,500 programs available across the country and 85% have funds available for new house buyers. It is recommended that new potential new buyers seek homeownership education.

It's often a necessity with down payment programs and it provides} buyers self-confidence and assurance in their ability in the buying process and knowledge about financing options, including down payment assistance programs as well as spending budget and cash management strategy.

Loan Programs Are Only For New First-time Homebuyers.

While there are many first-time home buyer programs out there, it's important to take note that the meaning of a first-time homebuyer is someone who has not owned a home in three years.

Additionally, more than 37% of First Time Buyer programs might not even have a first-time homebuyer requirement.

You Need To Have A Down Payment Of 20%.

Today, a 20% down payment is not always required and with regards to the buyer's situation, having the ability put down a sizeable down payment will definitely put you in a better position when banks review your loan application, it may also help put you in a better position to get a better interest rate.

However, if you are like many home buyers who cannot come up with a 20% downpayment, you are in luck because there are down payment assistance programs which allow buyers to save on the down payment, retaining savings for property maintenance and improvements.

Some of these present programs include grants, first mortgages with below-market interest rates and some annual tax credit.ement.

Home Are Too Expensive To Buy In My Neighborhood.

While it is true that home prices have taken off in recent years, if you do a little searching and networking you may be able to find a home close to the area in which you want to.

Foreclosures are always available however are a little harder to purchase but if you do your research it is possible to find a gem in your price range.

There are also many resources that are designed for individuals providing an important community service, including educators, protectors, workers in the healthcare industry, veterans and other special community servers which allow would be home buyers to purchase homes in your cities.

This is especially helpful in high-cost markets, these programs help critical personnel stay and live in the communities they serve, it also helps to keep home values stable within communities.

If you have questions or comments please contact us.

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Home$tart Opens The Door To Home Ownership.

By | Home$tart

Opening The Door To Homeownership with Home$tart

Home$tart can help you become a homeowner.
There Is Grant Money Available

With housing costs on the rise and home sales continuing strong into the winter despite the average prices of single-family homes increasing on a national average to around 191k, interested buyers are out in force.

Interest rates are still hovering below 4%, which makes for a great time to purchase a home before rates increase. However many home buyers may feel that buying a home may be out of reach due to the amount needed for a down payment.

For qualified buyers, this is where Home$tart can step in to help.

By allowing potential home buyers to take advantage of grant money that is set aside for qualifying people, many people will be able to purchase their first home.

How Much Is Available?

Home$tart funds will be available beginning January 1st, through Liberty Bank to all qualifying home buyers.

Including first-time home buyers and those who have previously owned a home, funds will be distributed on a first-come-first-served basis.

This federally funded grant helps to promote homeownership by helping homebuyers earning up to 80 percent of area median income, adjusted for family size, purchase a home.

The grant program makes it possible for people who would like to purchase a home but who may not otherwise be able to come up with funds needed for a downpayment or closing costs.

The Home$tart Program provides $3 for every $1 of a home buyer’s funds up to $5,000.

Home$tart grants may be used for down payments, closing costs, or rehabilitation of an owner-occupied housing unit

Condominium or cooperative housing unit are also included and may be used as the home buyer’s primary residence. Grants may be used in combination with funds from other sources.

Since their inception in 1995, Home$tart and Home$tart Plus have granted $43.2 million to help more than 8,700 first-time home buyers purchase their first homes (as of November 1, 2012).

Contact us today to get more information about this program

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