Real Estate Assistance Programs Help First-Time Home Buyers

Currently we are in a "buyer's market." That's true.

But it still does not mean that if you do not have the prerequisite funds you'd be welcomed into the home of your dreams. Bluntly put, it still takes money to buy a house.

Most such buyers end up renting an apartment and bide their time for more cash.

Sometimes the anticipated cash arrives soon enough. But other times, they find themselves stuck as long-term apartment renters.

New "assistance programs" are cropping up across the country to help such potential home buyers who have good credit but not much cash upfront.

These "owner financing" programs work as follows:

The potential buyer finds a house through a licensed Realtor (R). (The managers of these programs are not commission-driven Realtors themselves.)

The program buys the house and then sells it to the buyer with owner financing at mutually agreeable terms.

Some of these programs even help the buyer with the required down-payment up to 3% of the purchasing price, depending on the lender requirements.

The program helps the buyer with the closing costs as well up to 6% of the purchasing price.

Other program features:

Credit Cleanup program will help the buyer clean up his or her bad credit record and provide personalized financial counseling.

A very innovative Rent Credit Program covers additional closing costs up to 3% of the purchase price of the home the buyer selects.

Various "Assistance Programs" have different features, all aimed at helping buyers who cannot be financed through regular banks and lenders get into the home of their dreams through innovative owner financing.

Ugur Akinci is an Editor for Your Home Buying Assistance Program of New Hampshire and Eastern Mass.

(This article is written for informational purposes only. For all legal matters and home buying decisions please consult a licensed professional and/or attorney.)

(Public Domain photo published thanks to courtesy of Wikipedia Commons.)