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| Checking out your Check Book: When a first home purchase isn't quite within your grasp |
| Checking out that balance in the checking account again?
Barely got enough to save after paying bills, buying groceries and putting gas in the car? Understandable. But, you ask, "How am I ever going to afford a house of my own?"
That is the ultimate question for many potential home owners. They live in a vicious cycle of trying to save money for a down payment while being vigilant in paying bills on time to keep a good credit rating, only to find their dream home is never quite within their reach.
Mortgage Revenue Bonds
Have you not heard about MRB - Mortgage Revenue Bonds? It's the ONLY federal government program that is available low-income, |
| first-time home buyers.
Oh, I can hear you now: "But I'm not really low income." Well, surprisingly, you really don't need to be dead broke to reap the benefits of this program.
I see your ears perking up. "Tell me more," you say. To qualify for this aid, you can earn as much as 115% of the median family income for your area (that figure is based on the fact that your family includes you and two dependents). You can call your state Housing Finance Agency to discover the median family income for your area. The second criterion is that the house you purchase is your principal residence (a second vacation home obviously doesn't qualify) and whose cost does |
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| not exceed 90% of the average cost of a home in your area.
Hey, wait before you run around checking this program, check out www.a-real-estate-guide.com where you'll find an abundance of information for home buyers (home sellers and anyone interested in investing in real estate). This free, informative resource is dedicated to providing you the tools to educate yourself in both buying and selling your home.
Www.a-real-estate-guide.com receives current news articles daily on a variety of topics of interest to home buyers. It also contains a variety of mortgage |
| calculators, so you can decide if you can afford that house payment and the accompanying extra expenses of home ownership.
Before you make another move towards home ownership, you need to arm yourself with all the vital information available to you for free at www.a-real-estate-guide.com. Happy house hunting!
Jeff Little...
Need credit help and advice before applying for that first mortgage?
Visit www.cleaning-up-bad-credit.com Helpful advice for even those with good credit. Protect yourself and your credit!!
About the Author
Jeff Little |
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