Discover the first time home buyers act that can provide free money for those who are interested in home buying.
Buying a home is one of the biggest events of your life. When that time comes around for you to pick that one place that will be your piece of the pie, you will want to be sure that you know all there is to know about being a first time home buyer. That dream house can become a reality!
There have been various Acts implemented to not only stimulate the first time home purchaser, but to help them save money as well. Let's discuss a few of them implemented in the past so we can see how they work. Then we'll discuss what first time home buyer acts are in force now to benefit you.
This was a credit that was available to first time home buyers but it was only available for a short time frame. This was brought about with the Housing and Economic Recovery Act of 2008. This allowed first time home purchasers to either increase their tax refund or reduce their tax bill. Only those first home purchasers qualified and they had to meet special requirements to benefit.
So what is a first time home buyers act? This is basically a law enacted to increase home ownership. This type of act helps communities as home ownership proves to stabilize neighborhoods.
Although the Housing and Economic Recover Act has ended for now, you never know when it will be instituted again.
Usually, a first time home buyers act in instituted to stimulate the economy. Why? The housing market has a lot to do with how stable our economy is. So when the economy is low, they government will try to boost home purchases by enacting something. This is designed to motivate buyers to buy a home now rather than later.
Sometimes its not an actual act put in place. They can do this by lowering interest rates. But if that doesn't increase home buying, then the government will put something through congress to help.
The American Dream Downpayment Assistance Act is another act instituted in 2003. This act is designed to help with down payment and closing costs. Those that are eligible can also receive assistance in rehabilitating the home.
There are requirements that must be met to be eligible. One is the rehab must be completed in one year. This first time home buyer act is designed to help eliminate home health hazards.
Another requirement is you cannot have owned a home for three years prior to using this act's assistance. You also must meet the income requirements for your area.
You can find out more about this act by going to HUD or talking to your local housing authority. The funds are limited so you will need to investigate this early in the year.
So here's one of the first time home buyers act that is still in place to help you.
The National House Act was passed in 1934 and is still in affect today. This was when the Federal Housing Administration was put into place. Today it is known as FHA.
The idea was to create an environment that would make it possible for a number of people to afford a home. FHA does not lend the money but they insure the mortgage. Of course this is not insurance for you, but for the lender. They in a since tell the lender if you default on the loan, the lender will get their money.
This act has provided several programs that offer great options for first time home buyers. Not only can you buy a home with a low down payment, but they have other flexible options for those with credit problems.Be sure to investigate your options through this first time home buyers act!
If you are a first time home buyer, you will want to take advantage of any first time home buyers act that is being implemented today. These are designed to save you money in the long run.
Many people are not even aware that such Acts are there. I want you to know about any benefits to help you to home ownership!
Would you like to know more about FHA? Be sure to read about all the awesome programs offered at FHA Home Loans.
Are you interested in other loan possibilities? You will really enjoy Home Buyer Loans designed to help you with your choices.
Another great program is the Zero Down Home Loans options. Gain a greater understanding on how these programs work.
Have additional questions? Have a Question is a great place to look for answers or ask the expert those things you have on your mind. Go ahead....pick my brain!
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Aug 05, 19 10:44 PM
Hi Help please! I am a first time home buyer, buying a home with my fiance'. He is selling his home currently on the market for $125K with no contingencies.
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