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
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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 Government Grants Resources


Downpayment Assistance Program for the First Time Home Buyers in North Carolina
The programs and activities of the North Carolina Housing Finance Agency are constantly geared towards the satisfaction of the best interest of its target population, which is why all their endeavors are carefully guided by their overall agency mission which is "to create affordable housing opportunities for North Carolinians whose needs are not met by the market."


Solar Decathlon and Energy Efficiency and Renewable Energy Showcase Event
The Solar Decathlon and Energy Efficiency and Renewable Energy Showcase Event seeks to promote and encourage the outreach, education and economic benefits of energy security, as well as renewable energy and energy efficiency through the demonstration of various EERE technologies that can be utilized in the community.


Project to Combat Rural Exploitative Child Labor In Peru
The Office of the Assistant Secretary for Administration and Management has established another funding opportunity to support the Project to Combat Rural Exploitative Child Labor In Peru.


Targeting Persistent HIV Reservoirs Grant Program
In keeping with this mission, the National Institutes of Health has recently formed a partnership with the National Institute of Allergy and Infectious Diseases (NIAID) and the National Institute of Mental Health (NIMH) in order to establish the Targeting Persistent HIV Reservoirs Grant Program.


Invasive Aquatic Species Inventory and Infestation Prevention Program
The Bureau of Land Management has recently developed the Invasive Aquatic Species Inventory and Infestation Prevention Program wherein they aim to document and monitor the presence of Zebra and Quagga mussels in the bodies of water through Idaho.


Physical and Engineering Sciences in Oncology
The National Science Foundation, in close cooperation the National Cancer Institute, has recently developed the Physical and Engineering Sciences in Oncology Program wherein they intend to obtain a more thorough understanding of cancer disorders with the application of physical and engineering sciences.


International Research Collaboration on Drug Abuse and Addiction
The 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.





Gabz Gardner, known for being a contestant on Britain’s Got Talent and Stevenage resident, opens the Greenside Studio to give opportunities to Greenside School students to sell sweets, while learning essential work skills.





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