Frequently Asked Questions about Buying Your First Home

 by: Damon Thomas

The idea of buying a new home for the first time can be overwhelming for most people. It is probably the largest investment they have ever made, and the process itself seems downright intimidating. Here are answers to a few questions about homeownership from www.casanuevahouston.com and www.casanuevasanantonio.com. Much more information is offered online at these websites.

How do I know how much I can afford?

Most people like to think of it in terms of their monthly payment. A good rule-of-thumb is that your total monthly payment will be about 1% of the purchase price. If a new home costs $100,000, the total monthly payment will be about $1,000.

What kind of down payment is needed? How much money is needed for closing costs?

With 100% financing, which is often available, you typically need about 3% out of your own pocket for various closing cost such as taxes and insurance. So, for a $100,000 loan that is 100% financed, you would need about $3,000 total cash. There are also home buyer assistance programs that can provide down payment grants to qualified applicants.

How much income do I need?
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Frequently Asked Questions about Buying Your First Home
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About The Author Damon Thomas is a contributor to www.casanuevahouston.com, a Houston-based company providing information for new home buyers.

Additional Resources

category - Home Buying Programs

First Time Homebuyer Programs in Delaware
In the year 1968, The Delaware State Housing Authority was created as a public corporation under the Delaware State Department of Housing. The move was inspired by the need to address the concerns of the people in Delaware who seek homebuying-associated assistance.

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Homebuyer Mortgage Program for First Time Homebuyers in Connecticut
The Connecticut Housing Finance Authority has been administering the Homebuyer Mortgage Program for First Time Homebuyers. The program is capable of offering home loans and below-market interest rates to first time homebuyers who reside in Connecticut and who are planning to acquire a property that is located in Connecticut.

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First Time Homebuyer Programs in Virginia
In 1972, the Commonwealth of Virginia has constituted the establishment of the Virginia Housing Development Authority in an effort to respond to the needs of Virginians who seek quality, affordable housing.

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Affordable Housing Partnership Program for the First Time Home Buyers in California
The Affordable Housing Partnership Program is a housing opportunity that enables first time home buyers in the State of California to seek financial assistance from lending institutions that have formed a partnership with CalHFA for the purposes of this endeavor.

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