First Time Home Buyer Programs and Mortgage Refinancing Options
Free Online Articles Directory
Why Submit Articles?
Top Authors
Top Articles
FAQ
ABAnswers
0 && $.browser.msie ) {
var ie_version = parseInt($.browser.version);
if(ie_version Login
Register
Hello
My Home
Sign Out
Email
Password
Remember me?
Lost Password?
Home Page > Finance > Mortgage > First Time Home Buyer Programs and Mortgage Refinancing Options
First Time Home Buyer Programs and Mortgage Refinancing Options
Posted: Jan 18, 2010 |Comments: 0
|
]]>
Several first time home buyer programs exist to help future homeowners obtain home loan financing. Not all programs are available to everyone and each has unique eligibility requirements. In order to determine which home buying programs are available, buyers can conduct research online or consult with a mortgage adviser.
The most common first time home buyer programs include: HUD homes, FHA loans, VA loans, Fannie Mae financing, and Making Home Affordable; a U.S. government program for mortgage refinancing and loan modification.
First time home buyers can also benefit from the Worker, Homeownership and Business Assistance Act, which provides an $8000 tax credit for properties purchased by April 30, 2010. The Recovery Act also extends up to $6500 tax credit to borrowers who have lived in their house for at least five years and want to purchase a higher priced home.
The U.S. Department of Housing and Urban Development (HUD) offers a variety of first time home buyer programs. HUD programs vary by state, but most home buying programs involve purchasing HUD homes at significantly reduced prices.
Individuals who work in teaching and public service professions such as law enforcement, firefighters and emergency responders, might qualify for HUDs ‘Good Neighbor Next Door’ program. Good neighbor home purchase incentives include buying houses at up to 50-percent off realty listing prices.
FHA loans are backed by the Federal Housing Administration and provide financing opportunities for first time home buyers with less than perfect credit. Applicants who have filed bankruptcy or possess inconsistent employment sometimes find it easier to obtain FHA financing.
One major benefit of FHA loans is the low down payment requirement of 3-1/2 percent. Down payment money can come from outside sources such as a gift or loan from family or friends. FHA financing is the only home loan program which allows down payment assistance from an outside source.
VA loans are available to veterans and active duty service personnel. The Department of Veterans Affairs offers no money down financing and guarantees up to 25-percent of home loans; making it easier for veterans to obtain a home loan. First time home buyer incentives and mortgage assistance can be found at va.gov.
Fannie Mae presents first time home buying programs and mortgage refinance options. One of the more popular is the Home Path® program which offers an assortment of homes for sale. Fannie Mae homes are foreclosure and deed in lieu properties sold at reduced prices through approved realtors.
Fannie Mae home buying incentives include flexible mortgage terms, no appraisal fees, low down payment requirement, and home loan financing for individuals with bad credit. First time home buyer and mortgage refinance information can be located at FannieMae.com.
Retrieved from “http://www.articlesbase.com/mortgage-articles/first-time-home-buyer-programs-and-mortgage-refinancing-options-1744643.html”
(ArticlesBase SC #1744643)
Submit articles to Articlesbase.com, and watch your traffic increase. Click here to make it happen.
Liked this article? Click here to publish it on your website or blog, it’s free and easy!
Simon Volkov -
About the Author:
Author and real estate investor, Simon Volkov, offers a comprehensive real estate article library to help home buyers make informed decisions. Topics range from first time home buyer programs to developing real estate investment portfolios. Buyers, sellers, and real estate investors are encouraged to visit www.SimonVolkov.com to learn more about Simon and the services he offers.
]]>
Questions and Answers
Ask our experts your Mortgage related questions here…
200 Characters left
Will there be a new first time home buyers stimulus program for 2011?
How long does the first time home buyer credit last ?
How long does the first time home buyer credit take?
Rate this Article
vote(s)
0 vote(s)
Feedback
RSS
Print
Email
Re-Publish
Article Tags:
first time home buyer programs, fha loans, va loans, first time home buyers, mortgage refinance, buying houses, fannie mae, hud homes, home purchase incentives, down payment assistance, first time home buyer incentives
Latest Mortgage Articles
More from Simon Volkov
First Time Home Buyer Programs
Jeff Thomas, mortgage advisor, explains the steps you have to go through when buying a house, like are there first time home buyer programs (00:53)
This home video deals with tips from a real estate expert on what to consider when buying first home. (02:31)
In this home video watchmojo finds out more about the housing crisis from a realtor point of view and whether it’s best to buy or rent, part 1/2. (01:57)
What you don’t know about your new home could hurt you in the long run. (02:15)
Home Buyers Remorse: Haunted House
Who would you call if the pricey waterfront home you just bought was infested … by evil spirits? (01:18)
Jumbo Loans & Tips for Researching Mortgage Rates
Looking for information on jumbo mortgages? Learn about financing options and tips for shopping online for your next home loan.
By:
Nat Crissl
Finance>
Mortgagel
Mar 11, 2011
What Are The Advantages Of Home Equity Loans?
In case you are wondering what home equity loans actually are, it is nothing but a system through which homeowners borrow money by making use of the equity in their home.
By:
Kathleen Chesterl
Finance>
Mortgagel
Mar 11, 2011
Home Equity Loan – All You Need To Know
A home equity loan is a loan that is secured by the equity in a home. It is sometimes referred to as a second mortgage.
By:
Kathleen Chesterl
Finance>
Mortgagel
Mar 11, 2011
Most people have accounts in banks under their names and in case you are one of those few people who do not, you are certainly missing out on a host of advantages that the banking sector has to offer.
By:
Kathleen Chesterl
Finance>
Mortgagel
Mar 11, 2011
How Can Banks Prove To Be Beneficial For You?
Whether you are the owner of a business or an individual who is working in the service sector, having a banking account can prove to be extremely beneficial.
By:
Kathleen Chesterl
Finance>
Mortgagel
Mar 11, 2011
What Are The Advantageous Of An Auto Loan?
All of us at some point in our lives have dreamt of owning a car of our own. Purchasing a car would definitely be the best option for commuting from one point to another.
By:
Kathleen Chesterl
Finance>
Mortgagel
Mar 11, 2011
How Can You Benefit From Obama Mortgage Refinancing Stimulus Plan!
Obama stimulus plan helps the homeowners to reduce their monthly mortgage and save their home from foreclosure proceedings.
By:
parthl
Finance>
Mortgagel
Mar 11, 2011
Have you been denied due to your debt ratio being to high or even having a 30 late payment on consumer credit cards. Good news! You could have some strong factors that could compensate for that one area that puts you outside of FHA Guidelines. Here is how it works.
By:
Elise Kiserl
Finance>
Mortgagel
Mar 10, 2011
How New Bankruptcy Laws Forever Changed Debt Relief Options
In 2005, new bankruptcy laws were enacted by Congress under the Bankruptcy Abuse Prevention and Consumer Protect Act. Nearly 6 years later, consumers are still confused about BAPCPA and how it forever changed their opportunities to obtain debt relief.
By:
Simon Volkovl
Finance>
Personal Financel
Mar 10, 2011
Secrets Revealed for Generating Solid Real Estate Leads
Real estate leads can be the lifeblood for private investors, as long as they are quality leads that generate income. Investors often struggle to develop a solid list of contacts they can reach out to when buying or selling properties. They oftentimes buy lists containing hundreds of names, but is this a practical solution?
By:
Simon Volkovl
Finance>
Real Estatel
Mar 09, 2011
Is Now the Time to Invest in Las Vegas Real Estate?
Investing in Las Vegas real estate involves the willingness to take a gamble. Just a few years ago, Vegas properties were considered prime real estate that investors dreamed of owning. To succeed in this market was a badge of honor that proclaimed investors had reached a pinnacle most can only fantasize about.
By:
Simon Volkovl
Finance>
Real Estatel
Mar 08, 2011
Is Buying REO Property Worth the Headache?
REO property is moving to the forefront of investment property purchases. REO stands for real estate owned and refers to properties repossessed by lenders due to mortgage default. Holding foreclosure real estate costs banks money. Most want to liquidate toxic assets as quickly as possible and often price properties below market value.
By:
Simon Volkovl
Finance>
Real Estatel
Mar 07, 2011
Harness the Power of Local Listing Directories
Numerous local listing directories exist, but it is wise to conduct research to determine which provide the best results. Publishing business information to multiple directories can be a time-consuming process, but benefits outweigh the costs as long as appropriate directories are chosen.
By:
Simon Volkovl
Internet>
Internet Marketingl
Mar 06, 2011
Issuing an IOU Note Helps Prevent Misunderstandings about Loan Obligations
An IOU note is a contract that records the promise to repay borrowed funds. This type of agreement is often used amongst friends and relatives to ensure borrowers understand advanced funds are a loan and not a monetary gift.
By:
Simon Volkovl
Finance>
Personal Financel
Mar 04, 2011
Do You Qualify for Chapter 7 Under New Bankruptcy Laws?
Chapter 7 has long been a preferred debt relief option because this bankruptcy chapter allows debtors to have most debts discharged without restitution. However, in 2005 new bankruptcy laws took effect which has made it considerably more difficult to qualify.
By:
Simon Volkovl
Finance>
Personal Financel
Mar 03, 2011
Debtor Education is Essential When Filing Personal Bankruptcy
Debtor refers to anyone who owes money to another. Debtors can include individuals, companies, governments, and financial institutions. Whether a person owes money to a relative or a country owes money to another country, they all fall under the same blanket description.
By:
Simon Volkovl
Finance>
Personal Financel
Feb 26, 2011
Add new Comment
Your Name: *
Your Email:
Comment Body: *
Verification code:*
* Required fields
Submit
Your Articles Here
It’s Free and easy
Sign Up Today
Author Navigation
My Home
Publish Article
View/Edit Articles
View/Edit Q&A
Edit your Account
Manage Authors
Statistics Page
Personal RSS Builder
My Home
Edit your Account
Update Profile
View/Edit Q&A
Publish Article
Author Box
Simon Volkov has 342 articles online
Articles Categories
All Categories
Advertising
Arts & Entertainment
Automotive
Beauty
Business
Careers
Computers
Education
Finance
Food and Beverage
Health
Hobbies
Home and Family
Home Improvement
Internet
Law
Marketing
News and Society
Relationships
Self Improvement
Shopping
Spirituality
Sports and Fitness
Technology
Travel
Writing
Accounting
Banking
Credit
Currency Trading
Day Trading
Debt Consolidation
Insurance
Investing
Loans
Mortgage
Personal Finance
Real Estate
Taxes
Wealth Building
]]>
Need Help?
Contact Us
FAQ
Submit Articles
Editorial Guidelines
Blog
Site Links
Recent Articles
Top Authors
Top Articles
Find Articles
Site Map
Mobile Version
Webmasters
RSS Builder
RSS
Link to Us
Business Info
Advertising
Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.
Author and real estate investor, Simon Volkov, offers a comprehensive real estate article library to help home buyers make informed decisions. Topics range from first time home buyer programs to developing real estate investment portfolios. Buyers, sellers, and real estate investors are encouraged to visit www.SimonVolkov.com to learn more about Simon and the services he offers.
Related posts:
- Features of Wisconsin FHA Loans That Help the First Time Home Buyer
- Florida First Time Home Buyer FHA Loans, 97% down to 530 FICO
- Home Loan Programs – the Absolutely Essential Information Youneed to Know Before you Take Up a Mortgage
- WHY an FHA Mortgage over other Home loan options?
- NAR Buyer and Seller Survey Shows Value of Long-Term Home Ownership
COMMENTS
No Comments