Free money for 1st time home buyers

JeffBruce

JeffBruce

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Free money for 1st time home buyers
The federal government has started a program called the “American Dream Down Payment Initiative,” and it could mean free money for you. If you’ve never owned a home, you are potentially eligible for a grant of up to $10,000 toward the price of a home. You can buy either a quadplex, a condo, co-op or mobile home. You must be a first-time homeowner, and you must me income eligible. That means you can’t earn more than a certain amount, usually $40,000 to $50,000. The program has a limited number of slots available, and it will be a little while it goes into effect. But it’s a terrific idea. PHAs and LHAs, public housing authorities and local housing authorities will administer the program. Hud.gov has information about the program. But you’ll want to get in early because the money is limited. And remember, it’s a grant not a loan. You don’t have to pay it back. Why is this a good thing for taxpayers? People who own a home have more of a stake in their community and tend to do more to keep it clean and fight against crime. Therefore, the value of the homes increase and the quality of life is much better for everyone.

http://clarkhoward.com/shownotes/2004/06/04.html#buyers
 
Yeah, but who wants to buy a quadplex, condo, co-op or trailer house as their first home? I want to buy a nice little house in an established neighborhood so I don't have to deal with the constant dust of new developments or landscaping. I don't want neighbors sharing walls with me and I want a 2 car garage. I don't think any of those options are going to work out for me in this plan. :( What's a co-op?
 
actually if you go to the actual hud.gov site is says just about any home. single dwelling as well. You just have to make less or equal to the average income of 80% of the area's population

Eric
 
Man... its a catch 22 situation. This is the same problem that I faced when I went back to school. I didn't qualify for any grants because we made too much money. (We both worked and had no kids) So I ended up paying twice as much as everybody else that was on welfare just because I had a job. Now its the same thing. Unless Jennifer quit her job, we wouldn't be able to qualify for this. But she has to work for us to make the money to pay the house payment. I wonder if she quit her job long enough to get the grant and then got a job afterwards...... :naughty I'll have to look into the loopholes on this thing.
 
elortt said:
actually if you go to the actual hud.gov site is says just about any home. single dwelling as well. You just have to make less or equal to the average income of 80% of the area's population

Eric
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Where does it say that on the site? I'm not seeing that anywhere. I've been living off my good looks for so long that I am sure that I would qualify for just about any grant they offer. :naughty Money is nice, but who needs it when you are this smooooth? :hippi
 
The Fuzz said:
Where does it say that on the site? I'm not seeing that anywhere. I've been living off my good looks for so long that I am sure that I would qualify for just about any grant they offer. :naughty Money is nice, but who needs it when you are this smooooth? :hippi
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"To be eligible for this assistance, individuals must be first-time homebuyers interested in purchasing a one- to four-family home, condominium unit, cooperative unit or manufactured housing. In addition, individuals who qualify for this assistance must have incomes not exceeding 80 percent of area median income. If you are interested in obtaining downpayment assistance through this program, please contact your local community. "

Whaddya worried for Fuzz, with all your ladies you dont even need a home of your own :rolling

Eric
 
What page is that on? C'mon, dude. Hook a brotha up. The Fuzz needs a place to host his wild and hard rockin mullet respecting parties. :naughty I can't always be intruding on my lady friends for locations for my raves. ;)
 
I just went FHA when I bought my house.

I wonder when you apply for that grant how long it take for them to let you know you got it or not. If I had to wait longer than a day this house would of been gone.
 
You know what irritates me about this...? Some guy working a $9/hr job is going to be able to buy a house and I'm not because it takes too long to save up the ten or fifteen thousand dollars you need as a downpayment for a house you really want to live in. So while Jennifer and I make sacrifices and juggle every available minute of free time between our jobs and taking care of the family, someone who hasn't had any ambition to excel and has been satisfied to work for nothing and collect food stamps is going to be able to live the dream that I am working my ass off for. grrrrrr.... Its the college grants thing all over again. I'm going to be a renter forever because its costing all the money we make to pay our bills.

You know what I should do? I should just let all the bills sit there and wait for the government to swoop in and take care of everything for me. They can write off everything in bankruptcy and then hand me $10,000 to go buy a house so I feel better about myself for the next 10 years while my credit is messed up. Hey, at least I'll have a house. :angry

I'm seriously going to contact someone about this and see if I qualify. I could easily choose to live up on the east bench where the houses are four or five hundred grand and have incredible views. I'm sure I make less than 80% of those guys.
 
Jngrbrdman said:
Yeah, but who wants to buy a quadplex, condo, co-op or trailer house as their first home? I want to buy a nice little house in an established neighborhood so I don't have to deal with the constant dust of new developments or landscaping. I don't want neighbors sharing walls with me and I want a 2 car garage. I don't think any of those options are going to work out for me in this plan. :( What's a co-op?
Click to expand...

1. Who wants a condo? ME! I'm 26 and at this point in life I'd rather be married to my wife than my house. Case in point, a house that costs $300K is a lot more expensive than a condo that costs $300K. Maintenance costs. Get it?

2. Dust? The only aspect that would create dust is the landscaping prior to building the house. Besides, unless its in your backyard, you wont notice it. Its not a tornado, its construction.

3. Some condos have 2 car garages although not many "nice, little" houses do.

So, please think before you speak or at least know what you're talking about next time.
 
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