I know this is not so much a service as it is just a basic bank offering but I want to get an idea if there are any special options out there for those who will be buying their first home. I have heard of some areas having this for different reasons. I am just wondering what they are and how to go about finding these options or offers locally.
I think it depends on your area. There are grants and specialized loan programs for first time homeowners. I would search your state for what they can do to help. It is likely different for every state.
Contact your county and inquire about it. They should be able to direct you to someone who has a list of these special options. I know there is an area 10 or so minutes from me that offers Hispanic and black families a discount on their overall cost that the county pays for. I believe it is something like 10% or 15% of the total cost of the home.
Buying a home is so hard, they should make it an Olympic event. It’s not just the paperwork; it’s the terminology, the fees and the number of people involved. It’s natural to want to agree to whatever, sign everything and just get through the process as fast as you can.
While that may make you a medalist in downhill skiing, it won’t earn you many style points in life’s uphill battle to financial well-being.
Here are some of the most useful first-time home buyer loans and programs that you might overlook if you rush the process. They may score you some big savings.
There are some programs for first time home owners, especially if they have children. We have a program in our area called "A Better Start" which gives parents who never owned a home a good discount on their first home, up to 25% off in fact. It is a good idea to check your local areas for stuff like this.
These are dependent on the area. Some places offer specific types of loans to certain ethnic backgrounds, certain job services, and so on. You will have to check your local area.