Less Help for First Time Home Buyers with a Decent Income

house with white picket fence

When my husband and I were in the market for our first home, we were excited to take advantage of some of the first time home buyer programs we had heard so much about. After all, we were in fact first time home buyers and this would be the only time we’d be able to claim this title. We definitely wanted to get in on a mortgage with a low interest rate and/or lower fees so our monthly mortgage payment could be a manageable amount. We both work full time right now, but in a couple years we plan to have children and we’ve decided that I will be a stay at home mom at that time. So with only one income on the horizon in a couple years and this house being the one we will live in a


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6 Responses to Less Help for First Time Home Buyers with a Decent Income

  1. mike says:

    This is the old ‘bate and switch’ ploy. In other words, a great offer sucks you in (but the proprietor has no intention of honoring it). The thinking is get you interested, encounter a roadblock then offer a clever solution. That’s more than you would ever commit to (under ordinary circumstances) This tactic is often used in high cost/high commitment items. Surprisingly, most people faced with this trick, fall for it. You did the right thing by walking away. Thank your lucky stars.

  2. Brian says:

    That’s too bad. What was the purpose of the class? Were they trying to sell you something else? or was it just to teach you about home ownership?

    If it make you feel any better I didn’t get a first time mortgage special either.

  3. Minimum Wage says:

    Basically all we had to do was go to this class about home buying for a few hours and then we would get a certificate and that would make us eligible for the program. In this program we could get a mortgage with no down payment, no private mortgage insurance, and a low rate of 5.875% (which could have been even lower if we decided to buy it down with points).

    Sounds great, where do I sign up?

  4. jj says:

    In Los Angeles county, they have a program for moderate-income first time homebuyers. You can less assistance but it does make a difference. Unfortunately house prices are still too high and unaffordable if you’re low to moderate income.

  5. Anon says:

    “After all, we were in fact first time home buyers and this would be the only time we’d be able to claim this title.”

    Actually in most places if you haven’t owned a home (i.e. sold and moved, then rented before buying again) for somewhere between 2-5 years you’ll qualify again as a “first time homeowner”

  6. raquel says:

    i’m sorry but you didn’t ask what the qualifcations were for this program? but even if you didn’t that person should have told you.it’s not a “bate and switch”it’s for low income people and each county has a different income limit and also the goverenment only has so much money in this program, so while your trying to cheat your way into the program, which is understanable because you have 4 children… ohh wait you have none.good than a family that needs a home will get one .sometimes the system does work… when you try and scam your way in that puts someone else literally on the street!mich has a loan exactly how you explain yours”rural developmentloan”

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