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.
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Additional Government Grants Resources
Affordable Housing Partnership Program for the First Time Home Buyers in CaliforniaThe Affordable Housing Partnership Program is a housing opportunity that enables first time home buyers in the State of California to seek financial assistance from lending institutions that have formed a partnership with CalHFA for the purposes of this endeavor.
Rehabilitation Mortgage Insurance ProgramThe Rehabilitation Mortgage Insurance Program intends to financially assist families as they repair or improve, purchase and improve, or refinance and improve their current residential properties that have been existent for more than a year.
What You Need To Know About GovLoansGovLoans is a website created by the United States Government to serve the public's gateway to government loan information. At present, GovLoans hosts information on loan opportunities from five loan making agencies.
National Endowment for the Humanities: Sustaining Cultural Heritage CollectionsThe Sustaining Cultural Heritage Collections(SCHC)program aims to help in tackling the complex challenge of preserving vast and diverse holdings of humanities materials.
Behavioral Interventions to Address Multiple Chronic Health Conditions in Primary Care ProgramThe National Institutes of Health has recently established the Behavioral Interventions to Address Multiple Chronic Health Conditions in Primary Care Program wherein it intends to utilize common conceptual models in creating independent interventions that will contribute to the modification of health behaviors and the improvement of health outcomes in patients diagnosed with co-morbid chronic diseases and health conditions.
Planning Grants for Hubs of Interdisciplinary Research and Training in Global Environmental and Occupational Health ProjectThe National Institutes of Health has collaborated with the Centers for Disease Control and Prevention (CDC) to establish the Planning Grants for Hubs of Interdisciplinary Research and Training in Global Environmental and Occupational Health Project.
Grants from the Federal Executive Branch of the GovernmentIn this article, you will learn about the different departments that comprise the Executive branch of the government and how these departments can serve you.