What is th best 1st time buyer program for new house buyers? Or best person to talk to or seek out?

Different cities and states have different programs and laws so talk to a professional in your area. Mortgage brokers, realtors, financial planners and accountants would be good people to check with. Make sure you get several opinions because some people make money based on what kind of loan or program you end up with and may not have your best interest at heart. Many community colleges offer a one or two night class in just this topic so check to see what is available near you.





Avoid an ARM or Adjustable Rate Mortgage--- some banks offer you very low introductory rates to get you to sign the loan, and as the Prime Lending Rate increases, so does your payment. Also avoid any loan that has any clause about you not being able to refinance or sell the house within a period of time--- these usually carry stiff penalties (several thousand dollars) if you need to get out of the loan for whatever reason. Watch out for Interest Only loans, too. These only make sense if you are only planning on being in the home for about 3 years; otherwise, when the Interest Only phase runs out (usually after 5 years) your payments skyrocket, and you have little or no equity in the house to borrow against. You don't save that much during the interest only period anyway.





If you have an IRA or 401(k) retirement account, you can withdraw up to $10,000 to go towards the purchase of your first home, without any penalties. This is a good thing! Also explore loans OVER the selling price--- for example, you find a house that is $100,000 but you get your mortgage for $110,000. That $10,000 difference is what you pay your closing costs with.





This is a big financial decision so make sure you get a LOT of advice and information and consider it all very carefully. Don't spend all of your available savings making that down-payment; you're going to need ready cash as you move into the house, for unexpected repairs, furniture, etc.What is th best 1st time buyer program for new house buyers? Or best person to talk to or seek out?
there is no single, one magic bullet of a program. You need to do a bit of research with local agencies to find what fits you and your needs best.





What is best for others, may not be best for you.