i am 18 years old and looking to move out on my own. does anyone know how to get a first time homeowners grant
Answers:
ok, first of all your not getting a "grant", it is a "loan". Grants don't have to be paid back, and you can believe that any loan will have to be paid back with interest.
First time homeowners loans come in multiple "flavors", the most common of which is the FHA govermental first time home buyers loan. This will be a fairly inexpensive loan (base on current market rates still), and definately get a fixed...never an ARM (Adjustible Rate Mortgage).
Your best bet is to do some research of the lowest rates for an FHA 30 year fixed loan in your area. Watch the market on this for a couple weeks at least. When you are convinced of who is consistantly offering the best rate...may be a bank or a mortgage broker in general.go talk to them.
They will take an application based on what if anything you have to put as a down payment (many first time home buying loans require very little and sometimes you can qualify for nothing) and take a look at your credit history. Ask to be "pre-approved" for a loan and find how much they are willing to approve you for. Once you know what they will go with, then calculate what you can comfortably afford (they will help you with this entire process...a lot...they get a big commission, so use them...they are, after all, the experts). You will find you probably can afford less comfortably than what they are willing to give you, presuming you have decent credit.
After you know what to spend, the rest is easy...find a realtor...actually any will do, and tell them what you are approved for and what you are looking for. I would recommend looking yourself in the local "multi-listing". Usually you can find a website for this...ask the realtor. The mortgage company and the realtor will do EVERYTHING they can to help you through this process smoothly...just don't be too quick to jump on the first house you see...take your time and find what you really want.
Good Luck!
Other answers:
online or a bank is a good place to start...However, you need to build up a good credit rating first. Don't get messed up with credit cards and such...You also need to have a pretty good bit of money to start...A good book to read would be Suze Orman's book about the young fabulous and broke.
Good LUCK!
online or a bank is a good place to start...However, you need to build up a good credit rating first. Don't get messed up with credit cards and such...You also need to have a pretty good bit of money to start...A good book to read would be Suze Orman's book about the young fabulous and broke.
Good LUCK!
Having a good job for several years, developing credibility and being careful with credit and debt is an absolute must. The book suggested is a good idea.