What’s the deal with first-time homebuyer programs?
FHA loan programs are meant to help people buy homes by offering grants, subsidizing interest costs, capping lender fees and more. To qualify, you can’t have owned a home in the past three years, and your annual household income can’t exceed a set amount. Other terms vary by state, so contact your local HUD office (HUD.gov). Even if you qualify, make sure the total housing costs (mortgage, property tax, etc.) account for no more than 30 percent of your take-home pay before you consider buying.
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