 My
First Home:
Advice for first time home buyers
By Jeff
Gregory • Bankrate.com
Thursday,
March 18
Posted 3:25 p.m.
PERKS FOR THE FIRST HOME BUYER?
A reader named Greg Hamilton writes: "I
am planning on buying this year, (I have excellent credit) ... and
have heard of bonuses and benefits for first time buyers, but haven't
been told of any by the person working with me. Are there any?"
Well, much like the question-mark-clad nimrod Matthew
Lesko who peddles "free government money" on TV, there
are folks out there who perpetuate the myth of free money and perks
for first time home buyers to hustle the inexperienced.
And like the hustle Lesko dances, the myth of free
money for home buyers is based on a relative truth.
First time home buyers -- with very specific qualifications
and needs -- can find financial help. Most state housing agencies
have programs
for first time home buyers, but the programs are reserved for
low- to moderate-income families and have strict limits on home
values.
Holden Lewis wrote about another form of "free
money" in his article about down-payment
charities, but that path is rife with dangers -- the main one
being paying more than the house is worth.
So, as far as I know, if you're an average American
with an average or above-average income, forget it. There still
ain't no free lunch, folks.
If I'm wrong, please shoot
me a quick e-mail and tell me what I'm missing.
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