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 not exceed 90% of the average cost of a home in your area.
Jeff Little
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