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?
(continued...)
Frequently Asked Questions about Buying Your First Home
Page 2
About The Author
Damon Thomas is a contributor to www.casanuevahouston.com, a Houston-based company providing information for new home buyers.
|
Additional Government Grants Resources
National Endowment for the Humanities: National Digital Newspaper ProgramThe goal of the National Digital Newspaper Program is to crate a national digital resource of historically significant newspapers published between the years 1836 and 1922, from all of the States and its territories.
Developing and Strengthening Services and Systems that Support Family Cohesion and Respond to the Separation of Children in Democratic Republic of CongoUSAID-DRC has established a program entitled Developing and Strengthening Services and Systems that Support Family Cohesion and Respond to the Separation of Children in Democratic Republic of Congo.
2012 Hazardous Fuels Woody Biomass Utilization GrantThe United States Forest Service has established the 2012 Hazardous Fuels Woody Biomass Utilization Grant wherein they intend to solicit proposals which are designed to implement wood energy projects requiring engineering services.
International Research Collaboration on Drug Abuse and AddictionThe National Institutes of Health, in collaboration with the National Institute on Drug Abuse (NIDA), has recently established the International Research Collaboration on Drug Abuse and Addiction Program wherein they seek to solicit collaborative research applications regarding addiction and drug use, through the utilization of special opportunities and resources that exist outside the United States of America.
United States Department of Agriculture: Rural Development
USDA Rural Development is an agency that is operating under the United States Department of Agriculture. The primary goal of the USDA RD is to assist in the improvement of the economy and quality of life in rural areas located in the United States.
State Wildlife Competitive Grants ProgramThe United States Fish and Wildlife Service has established the State and Wildlife Competitive Grants Program wherein they intend to implement State Wildlife Action Plans (SWAPs) as a way of addressing issues concerning Species of Greatest Conservation Need (SGCN).
Development of Measures to Determine Successful Hearing Health Care OutcomesIn accordance with this mission, the National Institutes of Health has recently collaborated with the National Institute on Deafness and Other Communication Disorders (NIDCD) in an attempt to constitute the Development of Measures to Determine Successful Hearing Health Care Outcomes Program.