First Time Home Buyer Benefits?
03-26-2005, 03:28 PM
#1
Darth Tator
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First Time Home Buyer Benefits?
I have heard that there are certain benefits given to first time buyers.
can anyone tell me what these benefits are?
lower interest rate? tax break? etc?
thank you
can anyone tell me what these benefits are?
lower interest rate? tax break? etc?
thank you
03-26-2005, 04:38 PM
#2
Team Owner
Your state may have a program that will cut you a break on interest. NJ has one. I used it when I bought my home in 1997. I believe I saved about a half percent. There may or may not be some kind of maximum income to qualify.
You can also do things like take money out of a Roth IRA to use as a down payment.
Other than that, prepare to be bent over on the closing costs. Don't worry everyone does that and they only use a medium sized stick.
You can also do things like take money out of a Roth IRA to use as a down payment.
Other than that, prepare to be bent over on the closing costs. Don't worry everyone does that and they only use a medium sized stick.
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