First Time Home buyers Assistance

The Mississippi HOYO(Home of your Own) project is directed mainly towards first time buyers.

There are others such as those who are living in condemned housing or participants in a flood area buyout program for example who may also be eligible for the program. People with disabilities or families who have a member who is disabled living with them may be eligible. The household must have enough income to pay the mortgage each month as well as their normal expenses. It will also be necessary to have a sum of money available for the process of buying a house.

This article is the second part of our two-article series on 10 Things A First Time Homebuyer Should Know Before Buying A Home. Let’s get straight into it and discuss tips 5 to 10.

5) The point of points.

Points are a confusing and complicated element of mortgages. Some points are actually hidden costs lenders charge borrowers for the privilege of lending them money. Another type of point is an initial fee borrowers pay to reduce their mortgage’s interest rate. Each point is generally worth 1 percent of the mortgage amount. Analyze carefully the benefits and costs of points before accepting them. Remember, in a mortgage nearly everything is negotiable, including the points.

Purchasing a home, like getting married or having a baby, is one of those decisions you do not want to rush into. They are all expensive, require a long-term commitment, and although they can potentially be wonderful experiences, can also bring a lot of pain and grief. This is not to say that buying a home is a bad idea. For the right household, buying a home is a sensible and logical thing to do. In most cases it is better than throwing money away at a lease or rental. However, there are things you must understand and do before signing a mortgage. This two-article series will look at 10 things a homebuyer should know before signing on the dotted line of a home purchase contract.