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1st time home buyer options

jjclark said: "I have a similar question to a recent post. I've spoken with banks and mortgage companies and they don't give much information about 1st time buyer programs. The only thing they mention is 0 down. Websites and others keep telling me that there are just soooo many out there. Where are they? and What are they? :confused:"

TommyV said: "depends on where you live. i am in massachusetts (liberal state) and there are a ton of programs offered by the state but you have to go through certain banks. the liberal states tend to be better than the conservative states for this stuff"

jjclark said: "I live in Illinois. A lot of the banks won't tell you about the so called "many" options a person has as a first time home buyer. I've called around and asked almost every bank and the majority of them say they only offer 100% financing. I've even called the State Treasurer's office and they told me the only thing they knew of was one bank offering 10% to cover PMI."

Omega blood said: "It's true there are a lot of first time buy programs, I mean a lot. The thing is you can only take advange of one. Depending on where you live and how poor you are the .gov will give you a portion of the down payment. I did a serch for the state of texas and I found that they go by cities."

MortgageMan said: "I too am in Illinois. I work for a mortgage broker and have spoken to a few real estate agents about 1st time home buyer programs. I guess there are a few government grants out there for down payment assistance, but getting one is difficult and the wait is long. From what I have been told, they are a nightmare because of the wait involved as a seller does not want to have a property tied up for any length of time. They would rather have a fast close and move on so they are less likely to accept a bid from someone who is applying for a grant. Sorry, but I have never seen a first time home buyer program in action."

MortgageMan said: "After doing a little research I found this map on the Wells fargo site. Click your state and it will show some programs available. [url]https://ilnet.wellsfargo.com/ildocs/whole/DAP_locations.jsp#map[/url]"