First Time Home Buyer Programs Availability In 2011

We are all aware of the housing crisis of the past few years and what it has done to the economy. We are now seeing the after effects of the crisis in the form of reduced state and municipality revenue.

Less revenue means smaller budgets, which means budget cuts. Many times those budget cuts come across the board, and slice into very helpful programs, which includes cuts in many state’s first time home buyer programs. Despite the cuts, state help remains available for first time buyers.

Just because the first time home buyer federal tax credit of $8,000 has expired, does not mean that there isn’t still plenty of help for people struggling to buy their first home. While states are exactly flush with cash, 5% cuts in existing programs do not mean it’s the end of the world. The help for first home buyers is still readily available.

With the continual drop in house prices, combined with near record low interest rates, home buying now is much more affordable for first buyers than at any time in nearly a decade.

Whereas during the housing bubble of 2005 and 2006 homes located in good school districts were mostly out of the price range of first time home buyers, today’s lower prices mean that those buyers may indeed be able to afford a first home in a district with a high quality school system. The key is to spend a great deal of time searching, and be patient. The popular home buying shows on television would lead you to believe you have three choices for a home presented by a broker and you have to choose one of those three. It certainly doesn’t work like that in the real world! Take your time. Be patient. If you have to look at 300 houses to find the perfect one for your budget, then so be it. The rewards will be worth the extra effort put into the home search.

While the potential buyer may be tempted to look at picking up a foreclosed home at a greatly reduced price, this is not something that should be attempted by home buyers with little experience. Foreclosed homes nearly always have troubling issues that have to be corrected by the new owner, and while buying a foreclosed home may seem tempting in order to save thousands, most first time buyers simply do not have the experience and skills to resolve the sets of problems that come with buying a home that has been foreclosed.

It is much wiser to work with an experienced broker and buy a home that is in ready-to-move-into condition, and doesn’t come with a long list of items or problems that need to be solved. This will help ensure that your first buying experience will be a successful one.

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