Consider Programs For First-Time Home Buyers

Black Enterprise says that people with low-to-moderate incomes should tap resources offered by many state, county and municipal governments. "Generally, the programs define a first-time home buyer as an individual or family who has not had an ownership interest in a residential property within the last three years. Income restrictions usually apply as well. For example, many programs are only eligible to families with household incomes that are less than 80% of the median household income for a designated region. Regardless of income, applicants must meet bank qualification standards for a mortgage in order to qualify for most first-time homebuyer programs.If you can't qualify for a home loan, you won't be eligible for these programs, so you must still protect and improve your credit, pay down your debt, and take other steps in preparation for the responsibilities of homeownership. Trust me, it's worth the effort-these programs can provide thousands of dollars in loans and grants toward your home purchase."